Study shows fewer seniors own LTC insurance than they believe

Almost one-third of the elderly believe they own long-term care coverage, when in fact fewer than 10% of seniors eligible for the insurance actually own it, according to a recent nationwide study by Bankers Life & Casualty Co.

Furthermore, about 60% of elderly surveyed said they believe Medicare will cover long-term care costs, but Medicare covers only 100 days of skilled care following hospitalization.

Ultimately, the study concluded that both seniors and their adult children are confused and mistaken about the long-term care coverage they might receive from Medicare.