Many Americans are looking to Medicaid to meet their long-term care needs, even though most know more about long-term care insurance than five years ago.
John Hancock Financial surveyed 1,000 people and found 60 percent believe they'll someday need long-term care. However, fewer have planned for the possibility in their own lives, and many said they'd rely on Medicaid despite admitting they did not understand how the program worked.
However, more detailed survey questions about Medicaid revealed a lack of knowledge about how the program worked and a feeling that it would be cut back in the future. By their own admission, few Americans understand how Medicaid works – less than a third (30 percent) reported being knowledgeable about it in general. When asked specific questions about Medicaid, almost four in 10 respondents (37 percent) incorrectly thought that Medicaid covered LTC services received at home and nearly half (46 percent) didn't know that people generally needed to spend down almost all their assets to qualify.
In addition, three-quarter of all respondents (75 percent) said they believed Medicaid would be cut back in the next decade, with 44 percent believing it would be cut back a lot.