Young Adults – Key Potential LTC ClientsRyan Hogan
A perfect storm is brewing as the caregiving need increases with the Boomers just starting to storm the beach. Young adults are encountering caregiving situations and are much more stressed by it than the generations before. They also have less faith in entitlement programs ability to provide a decent level of benefit when they become of age. The two of these factors will produce great potential LTC clients. Agents whom put this market into their focus will do well in capturing market share.
Great article form the Sacramento Bee by Emily Swanson. In the article she writes:
“Most young adults haven’t given much thought to their own needs as they get older, but a significant number are already providing long-term care for older loved ones, according to a new poll by the Associated Press-NORC Center for Public Affairs Research. … According to the poll, a third of American adults under age 40 have already provided care for an older relative or friend, and another third expect to be called upon to do so within the next five years. … Only 16 percent of younger adults are very confident that they’ll have the financial resources to deal with their own care needs when they get older. At the same time, only about 1 in 10 expect Social Security, Medicare or Medicaid to provide at least the same level of benefits when they need them, and majorities say they have little to no confidence in that being the case.”