Why the Hesitation? Delving into a Recent Study of LTCi Perceptions
That gap doesn't close with age — it widens. According to a 2024 OneAmerica Financial® and Hanover Research study of 1,000 LTC consumers, 55% of people aged 40–49 feel confident in their plan. By age 60+, that number drops to just 17%. Confidence is supposed to grow as retirement approaches. Instead, for most people, it collapses.
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74% believe they'll likely need long-term care in the future |
33% are confident in their current LTC plan |
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55% → 17% confidence drop from ages 40–49 to age 60+ |
54% cite cost as the single biggest obstacle to planning |
It's Not Just About Cost
Cost is the most-cited obstacle — 54% of respondents named it as the biggest hurdle. But dig one layer deeper and a second problem shows up just as often: confusion. Thirty-one percent said they simply lack information about their LTCi options. Twenty-one percent said there are too many options to evaluate. Seventeen percent didn't even know where to start looking.
None of those are pricing objections. They're navigation problems — and they're exactly the kind of problem a financial professional is positioned to solve.
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“Financial professionals need to step in and help their clients cut through the confusion and work towards solutions for barriers to LTC.” |
The Moment That Changes Everything
The study also found a powerful catalyst hiding in plain sight: having a family member who needed long-term care. Eighty-eight percent of respondents said that experience was a significant driver in creating an LTC plan; seventy-five percent said it drove them to actually buy protection.
That's the good news and the bad news. The good news: once people witness a real LTC event, they act. The bad news: most advisors are waiting for that moment instead of getting ahead of it.
What Advisors Can Do Right Now
• Start the conversation before age erodes confidence — don't wait until a client is in their 60s to raise long-term care.
• Address the “too many options” problem directly — walk clients through the landscape instead of leaving them to research alone.
• Ask about family caregiving history early — a parent's or in-law's care need is often the unspoken reason a client is finally ready to plan.
• Reframe LTC planning as part of the retirement conversation, not a separate purchase decision.
As a CLTC®-certified professional, you're trained to close exactly this kind of knowledge gap — turning a client's vague sense that they'll need care someday into a plan they actually trust.