Even well-heeled consumers with some understanding of long-term care issues are unlikely to have taken action to reduce their LTC financial risk, according to a survey by Lincoln Financial Group. Fewer than 30 percent of adults with household incomes above $150,000 and substantial investable assets* have purchased financial products to cover LTC needs. The majority of those surveyed do own other financial products, such as life insurance, individual retirement accounts, 401(k) plan accounts, individual stocks and bonds, or mutual funds.

Of those who report working with a financial advisor, only 45 percent said their advisors had discussed LTC risks with them, and of those 44 percent said only very limited discussions had occurred. For those who had purchased LCT coverage, the leading factors prompting their decisions were:

• Avoid depleting assets
• Obtain peace of mind
• Ensure they get needed care
• Cover LTC-related medical bills
• Avoid becoming a burden on their spouse

The Lincoln Financial study concluded that a number of potential LTC strategies and solutions are being largely overlooked by consumers and advisors, such as life insurance and annuities with LTC riders and life insurance with a chronic-illness rider.

* More than $200,000 for those aged 40-59 and more than $300,000 for those aged 60-69.