RADNOR, PA — Coinciding with Long-Term Care Awareness Month, new data from Lincoln Financial shows that most Americans are deeply worried about the cost of long-term care — yet few are discussing it with the financial professionals best positioned to help them prepare.
According to Lincoln’s latest Consumer Sentiment Tracker, 82% of respondents say they are concerned about paying for long-term care for themselves or a loved one, and 42% report being highly concerned. Despite that level of anxiety, long-term care rarely surfaces in planning conversations, creating a critical disconnect between client needs and financial guidance.
Among respondents who currently work with a financial professional, only 21% have discussed long-term care planning, just 14% have talked about long-term care insurance, and only 7% have addressed elder-care planning. By contrast, 83% of pre-retirees and retirees say they have discussed investment strategies for retirement savings — even though unexpected care costs can quickly derail those strategies.
The gap is especially stark among older adults. Among clients age 55 and above, only 10% have had in-depth conversations about preparing for medical expenses in retirement, and nearly half have never discussed the issue at all. With one in four adults serving as caregivers, according to the National Alliance for Caregiving, the financial implications of long-term care are becoming increasingly difficult to ignore.
Jared Nepa, senior vice president and Head of Insurance Solutions Distribution at Lincoln Financial, said the findings highlight a growing need for advisors to take the lead. “Clients are looking for guidance, and early planning can make all the difference in helping them protect their financial future and maintain control over their care decisions,” he said.
Lincoln Financial is using Long-Term Care Awareness Month to encourage more proactive engagement between advisors and clients. The company offers educational tools, planning resources, and insurance solutions designed to help families prepare for unexpected health events and safeguard their long-term financial stability.
The research, drawn from more than 1,000 U.S. adults surveyed through the Qualtrics platform, aims to track consumer sentiment and emerging trends across key financial topics.
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