Jan. 28, 2013
/PRNewswire/ -- The majority of Americans are not familiar with long-term care insurance and believe it costs more than it does, significantly more in many cases, according to new research released today by
, a Bankrate (NYSE: RATE) company.
When InsuranceQuotes.com asked people to predict the average annual cost for a long-term care insurance premium covering a healthy 55-year-old couple, the most popular response was
per year or more. The correct answer is
per year, according to the American Association for Long-Term Care Insurance.
Fifty-six percent of Americans overestimated the cost, InsuranceQuotes.com found. Twenty percent underestimated it and only 16% correctly pegged it as somewhere between
$2,000 and $3,000
The InsuranceQuotes.com survey found that 53% of Americans are either not too familiar (27%) or not at all familiar (26%) with long-term care insurance. Forty-seven percent of respondents said they would consider buying long-term care insurance and five percent said they already have it.
"Long-term care insurance can be a critically important part of a long-term financial plan, but only if people take the time to explore different options and get educated about what makes sense for them," said
, editor in chief, InsuranceQuotes.com.
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
PSRAI obtained telephone interviews with a nationally representative sample of 1,001 adults living in the continental United States. Telephone interviews were conducted by landline (501) and cellphone (500, including 215 without a landline phone). Interviews were done in English by Princeton Data Source from January 10-13, 2013. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.7 percentage points.
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