Survey Highlights Sacrifice of Caregivers and Opportunity for Advisors to Drive Greater LTC Planning

Survey Highlights Sacrifice of Caregivers and Opportunity for Advisors to Drive Greater LTC Planning

An error occurred while preparing your download

As we celebrate Long-Term Care Awareness Month, chances are you know someone who is currently serving as a caregiver - and if you've never experienced caregiving personally, you may not understand the mental, physical end economic tolls this sacrifice can take on someone trying to do right for their loved one. According to AARP, nearly 1 in 4 adults (63 million Americans) are caregivers, and that is up 45% since 2015.

A recent surveyfrom the Nationwide Retirement Institute reveals the emotional and financial realities facing caregivers today. Among those who have served as caregivers, the average time commitment is more than 22 hours per week, with $372 in monthly out-of-pocket expenses. Nearly half of Millennial and Gen X caregivers say caregiving has strained their relationships with spouses, children, or friends. Yet despite these challenges, 70% say they would choose to be a caregiver again.

"Caregivers are the unsung heroes of our health care system," said Holly Snyder, president of Nationwide Life Insurance. "As we celebrate Long-Term Care Awareness month, we should all salute America's caregivers for their dedication, compassion, and resilience -not just this month, but every day. Their sacrifice should serve as a call-to-action for the financial community to help more Americans, and their loved ones, prepare for the future."

Need for Greater LTC Awareness and Education

The survey also highlights the need for greater public education around long-term care. While 22% of respondents say they have long-term care insurance (LTCi), industry data from LIMRA shows actual ownership is closer to 3-4%.

Additionally, 58% of Americans mistakenly believe Medicare will cover long-term care costs, which it largely does not. Four in ten people (41%) doubt they will live long enough to need LTC, and however, 70% over age 65 will need some sort of LTC in their lifetime.*

Many also overestimate the cost-47% by two times and another 23% by three times. Encouragingly, once consumers learn the actual cost, nearly half (47%) say they are more willing to consider purchasing LTCi.

The Role of Financial Professionals

Despite widespread concern, only 1 in 5 Americans have discussed long-term care costs with a financial professional. Among those who have not, the most common reason is that their advisor has not brought it up. Yet two-thirds (66%) of consumers trust that their financial professional will tell them when it is the right time to buy LTCi.

"Financial professionals have a responsibility-and an opportunity-to lead these conversations," said Snyder. "By helping clients understand the real costs of caregiving, the risks of relying solely on family, and the value of long-term care insurance, they can empower families to plan with confidence."

Planning for the Future Starts Today

To learn more about the 2025 Nationwide Retirement Institute Long-term Care survey and access planning resources, visit nationwide.com/SimplifyLTC, and visit nationwide.com/LTCbasicsto access and share client-approved educational and planning resources.

*Long-termCare.gov,2025

NFM-25181AO