Related to the complicated policies and contracts we have today? BD
- Many Baby Boomers erroneously believe they have coverage for long-term care expenses. The survey found that 30 percent of Baby Boomers think they have long-term care coverage, but according to the National Association of Insurance Commissioners, only about 5.2 million Americans have long-term care insurance. Even if all those covered were Baby Boomers, which they are not, that would only account for 6.6 percent of the Baby Boomer population. This means that one in four (25 percent) Baby Boomers erroneously think they are covered for long-term care expenses. - Majorities or near-majorities of Baby Boomers think Medicare or "other health insurance" will pay for long-term care. The new survey shows 54 percent of Baby Boomers think Medicare will pay for long-term care services. Forty-four percent believe "other health insurance" will pay. Even half of those who say they have long-term care insurance believe Medicare will pay for the care. Medicare does not, in fact, cover long-term care indefinitely. Medicaid will cover these services, but only after requiring individuals to spend down nearly all of their assets to qualify for assistance.
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