In 2007, GE Financial (aka Genworth Financial), a top-rated health and life insurance company, published a poll on long term care (LTC) which revealed that Americans are largely not planning for possible long term care health needs but they are concerned about them.

Poll results proved that the majority of Americans are unprepared for the future of long term health care costs. Of all possible scenarios that might result in the need for LTC, Alzheimer's disease was the number one motivator when it comes to planning for long term care.

Facts revealed by the GE long care term insurance show that 72% of the poll respondents stated that the possibility of developing Alzheimer’s disease or other form of dementia is a motivating factor in planning for long term care.

It was further revealed that nearly half of the respondents incorrectly assume that Medicare and private health or life insurance will pay for their long term care needs. In truth, health insurance and the Medicare program do not typically cover long term care services.

Unfortunately, the majority of LTC costs must be paid out of pocket with little assistance from regular health insurance policies. Below is a partial breakdown of the GE long care term insurance survey.

• 59% of survey respondents worry about their ability to fund LTC for themselves or family members.
• 75% have no preparations in place for their own or a loved one’s possible LTC needs.
• Even though it might save $25,000 a year, only 9% of respondents said they would place family members in a nursing home.
• If able to choose between nursing home care, assisted living facility care, or care at home, 75% would prefer care at home.
• 43% of survey respondents incorrectly believe Medicare or health insurance will pay for a home health care provider.

The overall trend that the GE long care term insurance poll revealed is that while Americans do worry about future LTC needs, they feel too overwhelmed to properly plan for such needs. GE, or Genworth, hopes to change that with their own brand of LTC insurance.

Genworth Financial is actively helping people achieve financial security throughout many key stages of their lives. Their primary focus is the development and promotion of products to meet their consumers' needs.

Genworth believes that helping Americans pay for GE long care term insurance is a big part of the solution. Get more information on long term care insurance here!