Americans are increasingly embracing the use of artificial intelligence (AI) and robotics for in-home care, with millennials leading the way, according to a recent survey. The survey, conducted by the Nationwide Retirement Institute in partnership with LIMRA, found that one third of Americans and 58% of millennials believe that AI and robotics will play a significant role in their long-term care.
The survey also revealed that Nationwide is testing eldercare robots in the homes of select policyholders with mobility issues. The goal of this trial is to determine whether these robots can help policyholders age in their own homes and maintain their independence.
Holly Snyder, president of Nationwide’s Life Insurance business, stated that AI and robotics have the potential to change how people receive long-term care, allowing individuals to safely remain independent for a longer period of time. Snyder emphasized the need for quality care options and highlighted the role of AI and robotics as potential solutions.
One interesting finding from the survey was that many American adults mistakenly believe they have long-term care coverage. While 18% of adults reported owning long-term care insurance, data from the industry shows that only 3.1% of Americans have actually purchased this type of insurance. The survey found that 51% of those who mistakenly believed they had long-term care coverage confused it with long-term disability insurance, while 30% confused it with health insurance.
The survey also highlighted the concerns Americans have about managing the aging process and associated costs. Many respondents expressed the need for better planning to ensure financial security as they age.
Despite this need, the survey found that fewer than one in five adults have discussed long-term care costs with a financial professional. However, over half of the respondents stated that they believed it was important for a financial professional to discuss these costs with them.
The Nationwide Retirement Institute is urging financial professionals to be proactive in addressing long-term care planning and costs with their clients. Snyder emphasized the importance of proper planning and recommended that individuals work with a financial professional to develop a comprehensive plan.
To facilitate discussions around long-term care costs, Nationwide offers a Health Care/LTC Cost Assessment tool. This tool provides a personalized cost estimate based on health risk analysis and actuarial data, helping individuals and financial professionals plan for future medical and long-term care expenses.
It is clear that Americans are increasingly open to the use of AI and robotics for in-home care. However, there is also a need for better education and planning when it comes to long-term care costs. With the right support and resources, individuals can better navigate the challenges of aging while maintaining their independence and financial well-being.
