It’s not too early to talk to Millennials about long-term care
Young adults in their 20s and 30s (Millennials) are aware of the rising cost of long-term care. Now is the time to start conversations with them about how to meet the challenge, and here's why they will be receptive to your ideas.
Understanding the need to plan
Millennials are a planning-focused generation, and it’s already clear they will become an excellent market for long-term care (LTC) strategies in the future. Why? Two reasons.
First, they are already aware of the LTC challenge and its costs. Second, many have watched their parents or grandparents fail to plan for LTC, and they are personally feeling pressure to fill financial and caregiver gaps. For them, it’s personal!
According to a recent survey:
- 69 percent of Millennials agreed that the burden of providing LTC for parents or grandparents will fall on them. This percentage was slightly higher than for middle-aged or older people.
- 56 percent of Millennials believe they personally will plan for LTC better than previous generations, mainly because they are more aware of the challenge.1
Millennials have learned about personal finances, in part, by observing mistakes and shortcomings of older generations. They want to do better in their own planning, especially in areas such as: 1) managing personal finances; 2) avoiding too much debt; 3) saving more for retirement; and 4) planning for health care and LTC at older ages.
You can increase their knowledge about different ways to address LTC needs, and also let them know there is no better time to start than now.
1 Aging Across Generations, Genworth Financial, Inc. April 2015.
2 Genworth Cost of Care Study 2019.
3 U.S. Department of Health and Human Services at www.LongTermCare.gov
Long-term care riders generally have an additional cost to them and have restrictions and limitations. Be sure to review the product specifications for details.
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