Study finds majority of Minnesotans financially unprepared for long-term care needs
St. Paul, MN – February 2, 2012 – A new poll, conducted on behalf of The Long-Term Care Imperative, reveals a worrisome reality: a majority of Minnesotans (52 percent) have no plan for how they will pay for their long-term health care needs.
However, while individuals are not prepared, there is a strong feeling that the state should be. According to the poll of likely voters, 52 percent of Minnesotans believe access to long-term care is a right of all Minnesotans. A majority also believe the state should provide assistance to ensure personal finances are not a barrier to accessing the care necessary to age with dignity.
The lack of preparedness is likely not linked to lack of awareness. In fact, more than half (57 percent) of Minnesotans report they are or have been caregivers to aging loved ones – a number that increases dramatically to 69 percent of women over age 50.
“These numbers are striking in the reality they depict. Minnesotans act as caregivers for loved ones while they are financially unprepared for their own long-term care needs,” said Gayle Kvenvold, President and CEO of Aging Services of Minnesota. “We face a looming economic crisis as our population ages. Now is the time to advance real solutions that will protect access and quality of care for all Minnesota seniors and their families.”
Four of out of five people, age 65 and older, will need long-term care in their future, with an average cost of $48,000 per year and rising. Unfortunately, results from the poll show that most Minnesotans have little or no savings and are ill-prepared to pay for the true cost of their own care. Less than one-fifth of Minnesotans have long-term care insurance, and most of those who do have insurance or a plan of some kind say it will only cover the basics and not much more.
This enormous financial burden forces three-quarters of Minnesota seniors to rely on the state to assist with paying for their care and places a growing financial burden on the state and its long-term care programs.
“These poll results show Minnesotans believe that access to quality long-term care is a right, not a privilege. We must protect Minnesotans’ right to dignified care by ensuring that both individuals and the state are prepared for tomorrow’s seniors,” commented Patti Cullen, President and CEO of Care Providers of Minnesota.
Minnesotans clearly support policy reforms that would enhance and protect access to long-term care for seniors, including 64 percent who are willing to pay more in taxes to improve services.
Additional Poll Findings Include:
57 percent of Minnesota’s voters are currently, or have in the past been caregivers
Minnesotans support many different reform options to improve quality and access to care.
• 75 percent of Minnesotans support a proposal to allow individuals to cash in life insurance in order to pay for long-term care.
• 73 percent of voters support policies that would encourage companies to offer long-term care insurance.
• 85 percent of voters support increasing funding for in-home and community based care to make it easier for seniors to stay independent longer.
77 percent of Minnesotans support increasing funding for nursing homes to improve overall quality
Poll findings confirm that Minnesotans need better tools and incentives to plan and pay for their own long-term care. As the state’s population ages and baby boomers retire, it will simply not be possible for taxpayer dollars to fund care for three quarters of the elderly, as is the case today.
Investing in a robust menu of options for seniors — ranging from occasional in-home services to assisted living to nursing home — benefits both consumers and the state. Higher quality services delivered in more efficient ways will improve outcomes for seniors and save valuable taxpayer dollars.
About the Survey
A random sample of 600 registered voters was polled in the telephone survey conducted by Momentum Analysis, over a three-day period in November 2011. This sample size yields results accurate to ±4.0% to all registered voters in the state.
About The Long-Term Care Imperative
The Long-Term Care Imperative is a legislative collaboration between Aging Services of Minnesota and Care Providers of Minnesota, the state’s two long-term care trade associations.
