Richmond, VA (November 7, 2017) – Four out of five Americans want the option of buying long term care insurance at work, according to a survey of 1,200 adults conducted this summer by Genworth. That sentiment was shared by all three generational groups surveyed -- millennials, Generation X and baby boomers, but was slightly higher among millennials.
“Consumers want to purchase long term care insurance where they buy their other benefits – at work,” said Brian Harrington, senior vice president, group long term care insurance, at Genworth. “We know from ongoing research that employees are drawn to group long term care insurance because of its portability, less restrictive underwriting requirements, family coverage and ease of enrollment. Employees also like the ability to start small and add to their coverage over time as their budgets allow.”
“The challenges of aging impact everyone,” Harrington said. “We focus on this issue every day and conducted the consumer sentiment survey as part of our commitment to help foster a dialogue among families and the nation about the importance of preparing financially for long term care.”
Among other survey highlights:
- If given the choice, 68 percent said they would prefer to purchase long term care insurance through an employer vs a financial professional. This was true across all generational groups, but was especially pronounced among younger generations (millennials, 75%; Gen X, 72% and baby boomers, 64%).
- If they had the option of obtaining long-term care coverage from their employer, younger generations expressed a higher likelihood of purchasing long term care insurance than baby boomers (millennials were 92% very or somewhat likely to buy; Gen X, 89%; and boomers, 84%).
- The ability to invite immediate family members to apply for long term care coverage under the group plan was appealing to 87 percent of survey respondents. Millennials were significantly more likely to share the opportunity to purchase long term care insurance through their group plan with their immediate family members (millennials, 92%; Gen X, 86%; boomers, 85%).
“Younger employees realize they may ultimately be responsible for caring for their parents, and encouraging their parents to buy long term care insurance coverage can lift some of the worry as well as the financial and physical demands of caregiving off their shoulders,” said Harrington.
“Many long term care insurance policies also include professional care planning and help finding providers -- services that can be invaluable for caregivers who find themselves in a crisis situation and don’t know what options are available or where to start,” he said.
Long term care insurance also benefits employers – by preventing lost productivity due to employees’ caregiving demands. According to the 2015 report, “Caregiving in the U.S.,” six in 10 caregivers reported being employed at some point in the past year while caregiving. Twenty-five percent were millennials and half were under the age of 50. Among them, 56 percent worked full time. Six in 10 caregivers reported having made a workplace accommodation because of caregiving, such as cutting back hours, or having received warnings about performance or attendance.
Long term care is also touching younger people as care recipients. Our Beyond Dollars Study found that long term care recipients are actually getting younger. The age of care recipients 65 and older fell from 81 percent in 2010, the first year of the study, to 60 percent in 2015. That means 40 percent of people requiring long term care services in the study were under the age of 65 – up from 35 percent in just 5 years. That same survey also found, surprisingly, that the reasons for needing long term care are shifting from illness to accidents.
“Considering the strong likelihood that most of us will be touched by long term care, either as a recipient of care or as a caregiver, employers are in a unique position to help employees address the very real-life challenges of aging in a meaningful way,” Harrington said.
For more information about group long term care insurance, producers and employers can call Genworth at 1-800-416-3624 Press #3.
About Genworth’s Companion Long Term Care Consumer Sentiment Study
Genworth’s Consumer Sentiment Study was conducted in collaboration with J&K Solutions, LLC. The data from this omnibus study was collected from an online survey over the course of six days in July 2017. A demographically representative sample of 1,200 adults ages 18 and older across the United States were surveyed, providing a 95 percent confidence level plus or minus 3%. The sample followed the framework of the U.S. Census data for age, gender, and region.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
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