Come Jan. 1, many people return to a perennial resolution for the new year: finding ways to manage expenses. However, one expense that people continually fail to plan for is the cost of a long, drawn-out injury or illness, which can wipe out one's savings and other financial assets.
A new Lincoln Financial Life Stages Survey focusing on long-term care reveals that while consumers recognize the importance of financial planning for their future, they are unaware of financial options and products that could help cover unanticipated and potentially catastrophic costs, such as those stemming from long-term care.
According to the survey, 65 percent of Americans believe in the importance of planning for the financial risks associated with long-term care, while only 44 percent have taken steps to provide for such risks. Of those who have taken steps to protect themselves, most have increased their savings in order to pay for care.
Of the 1,000 Americans questioned for the survey, most understood the threat posed by long-term care but also believed savings, investments or entitlement programs would fund future needs.
