A majority of adults think long-term care insurance should be purchased between ages 45 and 64, but 82 percent of people in the age group have not purchased a policy, according to a new study from the 3in4 Association sponsored by Genworth Financial.
The study shows that since the 2008 financial crisis, only 20 percent of adults have taken any financial action to plan for their long-term care needs and almost half of respondents don't expect to add anything to their long-term care plan in the next two years.
"Many people are in a state of paralysis from the economic downturn and are unsure about what to do next. Our goal is to shift their focus from the present to the future and to what they may require as they age," Margie Barrie, vice president of the 3in4 Association, said in a press statement.
The association runs the "3 in 4 Need More" campaign to raise awareness of the importance of long-term care planning.
Survey respondents in the 25 to 44 age group are most likely to want more information about long-term care. Less than half say they have turned to a planning expert for information on long-term care.
Long-term care insurance provides health care services and assistance not covered by health insurance or Medicare, such as assistance with daily living tasks like eating and bathing, transportation to medical appointments and more.