Nobody wants to imagine themselves getting old and requiring long-term care and healthcare, but are too many Americans burying their heads in the sand at even the possibility that they will?
While four in ten respondents to a new survey from the Employee Benefit Research Institute said they probably will need long-term care as they age, half are being at best optimistic and at worst refusing to consider the possibility; 32% said they do not know if they will and 24% do not think they will need long-term care.
Those who have already experienced short-term care needs related to a disability and those with higher levels of income and education are more likely to believe they will need long-term care in the future.
The large cohort who are hoping for the best belies the 73% of respondents who said they have at least one adult in their immediate network who they believe they might need to care for in the future and 60% have already cared for someone or were currently.
But the cost of caring for a loved one is often significantly underestimated, with many believing it would be less than $50K – which would likely be reached in just five years - Many expect that Medicare (43%) or Medicaid (29%) will cover the costs while a third said they themselves would pay for this care.
The thought of requiring costly long-term care in their retirement years is perhaps worsened by the lack of knowledge about employer-sponsored care programs that the survey revealed.
Just a quarter of benefits-eligible employees said their employer offers long-term care insurance and just 9% of employees were enrolled, with enrollment low even among those anticipating LTC needs.
“This research highlights where efforts could be most effectively directed, which is toward the 'missing middle' of employees,” said Bridget Bearden, research and development strategist, EBRI. “This means focusing education and information on middle-income workers without caregiving experience and the sandwich generation, which is balancing support for both aging parents and children and often without sufficient guidance or resources.”
The fraudulent "royalty payments" scheme, which involved $106 million in false tax deductions claimed over nearly a decade, reportedly cost the IRS $37 million in tax losses.
The Republican leader balked at calls to raise the tax deduction, which has been one of the stickiest wickets blocking President Donald Trump's legislative agenda.
Congress should amend regulations to ensure access for all, allowing issuers to spend less time with state regulators and more time building better portfolios.
The Wall Street giant's CEO defends its office-first policy while others argue for remote flexibility, especially for working mothers.
The latest defections from CUSO Financial Services, which operates within LPL, add nearly $500 million in client assets to Osaic's institutional platform.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
