Artificial intelligence (AI) is everywhere, no sectors spared—including long-term care planning—with AI and robots replacing (or at least heavily complementing) nurses and other eldercare workers.
“Americans are embracing AI-based care as they age,” a new survey from the Nationwide Retirement Institute found, and over half of millennials believe AI and robotics will provide their future in-home long-term care.
Not surprisingly, younger generations, especially, were apt to embrace the technology.
Four findings were:
- Daily functions: More than one in three (35%) Americans would accept help from a robot for activities such as dressing. It 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 feel 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.
Nationwide said it’s testing eldercare robots in the homes of select policyholders with mobility issues. The trial aims to assess if the robots increase the potential for policyholders to age in their homes and remain independent.
“It is difficult for many families to find quality care for their loved ones. We are considering AI and robotics as potential solutions for this and are identifying if eldercare robots could become credible, compelling examples of extraordinary care for our members,” Holly Snyder, president of Nationwide’s Life Insurance business, said in a statement. “As we continue to see advancements in AI and an uptick in consumer adoption, AI and robotics could permanently change how people receive their long-term care and provide them with more opportunity to safely remain independent for longer.”
Many adults mistakenly believe they have long-term care coverage
The survey also found that 18% of adults report owning long-term care insurance, including 27% of millennials. However, industry data shows only 3.1% of Americans have purchased long-term care insurance, and most of those are older consumers.
More than half (51%) who mistakenly thought they owned long-term care insurance confused it with long-term disability insurance. Almost a third (30%) confused it with health insurance.
Americans have concerns about how to manage aging
Americans have “very real concerns” about how to manage the aging process and its costs.
- Nearly half of respondents (49%) are worried they’ll become a burden to their families as they age.
- Almost a third (28%) say they would rather die than live in a nursing home.
- More than a quarter (26%) believe paying for long-term care will diminish their children’s inheritance.
