Despite not using long-term care, millennials have strong opinions on how it should be paid for
Though millennials aren't going to be utilizing long-term care anytime soon, they're still proving a big part of the puzzle — and have strong opinions on who should foot the bill for services.
That's one of the key takeaways from a AP/NORC survey of young individuals about LTC, highlighted by Forbes this week. As noted by AARP, about 1 in every 4 caregivers is between the ages of 18 and 34. They spend about 20 hours per week delivering care, which is only going to balloon as the population ages.
As such, they also have pointed opinions about how this care is going to be paid for. About $6,800 currently is coming out of millennials' pockets on average to meet caregiving responsibilities. AP/NORC's survey of about 2,000 millennials, called “Younger Adults' Experiences and Views on Long-term Care,” found that about 60% of millennials favor public proposals to help individuals cover the costs of long-term care.
Some 62% are in favor of instituting tax breaks for purchasing long-term care insurance. And 60% said they would like to see a government-administered LTC insurance program in the same vein as Medicare. Another 81% said they would favor employers offering long-term care insurance plans as a benefit, the report notes.
Those polled said, most often, they are having to sacrifice free time, leisure and sleep, a sense of self, personal life or privacy, and career work or education to provide this care, Forbes notes.
How do I balance work and caregiving? is a big issue, Jean Accius, AARP VP for independent living/long-term services and supports, told Forbes.