Survey Finds Economic Downturn Has Had a Major Negative Impact on Americans' Ability to Pay for Long-Term Care Services

from Market Watch:

LIFE Foundation Reviews Five Facts You May Not Know
about Long-Term Care Insurance and Encourages Americans to Assess Their
Needs

With significant losses
to their savings and investments, and economists warning of a prolonged
recession, many Americans are feeling uncertain about their retirement
security and their ability to pay for long-term care services.
According to a new survey by the nonprofit LIFE Foundation, 64 percent
of Americans age 45 and older say that the recent economic downturn has
had a major negative impact on their ability to pay for long-term care
services should they become unable to take care of themselves for an
extended period of time. Considering that 70 percent of Americans who
reach age 65 will need such care at some point in their lives,
according to the U.S. Department of Health and Human Services, these
findings show how financially vulnerable many people are without a
long-term care plan.

Released to coincide
with Long-Term Care Awareness Month in November, the LIFE survey found
that most adults recognize the reality of needing long-term care
services: