Will AI Provide Your In-Home Care?
Will AI Provide Your In-Home Care? Many Americans Believe AI Will Provide Their In-Home Care as They Age. Less than a year since the launch of the popular Artificial Intelligence (AI) chatbot ChatGPT, Americans are embracing AI-based care as they age. One third of Americans and over half (58%) of millennials believe AI and robotics will provide their future in-home long-term care.
Key Takeaways
- Verify your actual long-term care coverage now: nearly 20% of people think they have it but don't, often confusing it with health insurance or disability insurance—contact your financial advisor to confirm what you're actually covered for.
- Estimate your local long-term care costs using Nationwide's healthcare cost assessment tool; costs average $172,000 but 24% of claims exceed $250,000, which can devastate retirement savings if unplanned.
- Consider hybrid long-term care insurance products that combine long-term care benefits with life insurance death benefits or return-of-premium options, making coverage more affordable ($100-150/month possible) and ensuring you're not 'losing money' if you don't need care.
- Lock in long-term care insurance premiums while younger; guaranteed rates stay fixed for decades, and younger applicants pay significantly lower monthly costs for the same coverage.
- Seek financial professionals trained in holistic elder planning that integrates long-term care insurance with healthcare proxies, powers of attorney, and estate planning—not just standalone long-term care policies.
Will AI Provide Your In-Home Care? Many Americans Believe AI Will Provide Their In-Home Care as They Age. Less than a year since the launch of the popular Artificial Intelligence (AI) chatbot ChatGPT, Americans are embracing AI-based care as they age. One third of Americans and over half (58%) of millennials believe AI and robotics will provide their future in-home long-term care.
According to the annual Nationwide Retirement Institute Long-Term Care survey (PDF) , conducted in partnership with LIMRA in May 2023, this survey of 1,439 U.S. adults aged 24 or over found that younger generations were particularly apt to embrace the technology.
Among the key findings:
Daily functions: More than one in three (35%) Americans would accept help from a robot for activities such as toileting, dressing and transferring. This rises to 52% among millennials and declines with older generations (23% for boomers and 36% for Gen Xers).
Companionship: Nearly the same amount (32%) say they would talk to robots/AI if they are feeling lonely. This increases to about half (52%) of millennials.
Physical safety: Almost seven out of ten (68%) Americans would use AI to alert family/friends if they were to experience a fall or physical danger (63% boomers, 70% Gen X, 72% millennials).
Medical history: Nearly half (48%) of Americans say they would share their medical history with AI to help support their care needs. This figure increases to 65% for millennials.