Lincoln Financial Research Reveals 80% of Families Avoid In-Depth Discussions on Age-Related Healthcare Costs
New research from Lincoln Financial indicates a significant lack of preparedness among American families regarding age-related healthcare costs. According to the company's Consumer Sentiment Tracker, four out of five families have not engaged in in-depth conversations about these expenses. This oversight is occurring despite the increasing likelihood of needing long-term care as Americans live longer. The study highlights that while many families acknowledge the potential for new healthcare and caregiving needs with aging, these critical discussions are often postponed until a health event or crisis forces them. This delay can complicate decisions about care preferences, caregiving responsibilities, and financial planning. Lincoln Financial's resources cite substantial national monthly average costs for long-term care, including $7,440 for home care, $5,463 for a one-bedroom assisted living facility, and $9,480 for a private room in a skilled nursing home. The research also suggests that this conversation ...
