Generation X and Elder Care

This poll is about the member of Generation X and their knowledge of what long term care would mean for them.

Nearly 60 percent [of Generation X respondents] mistakenly believe their current policies provide coverage or they do not know if they are already covered. Long-term care insurance provides coverage for long-term care.

In order to finance their long-term care, 36 percent say they would rely on government assistance, such as Medicaid, to provide for long-term care. While Medicaid often provides coverage for long-term care services to qualifying low-income Americans, many people have to spend down their savings to the point of poverty in order to quality for this assistance. Others say they would use their retirement savings (26 percent), sell their assets (24 percent), rely on other insurance products (22 percent), or rely on family and friends (13 percent).

This poll shows that the people of Generation X do not understand what it means to receive assistance because they in order to receive it they would have to reduce their life to the poverty line. This poll was also interesting because it shows a perspective other than that of the Baby Boomers.

http://genxfinance.com/2009/04/16/poll-generation-x-feels-unprepared-for-long-term-care-costs-are-you-prepared/