THE MEDIA REALITY CHECK: A Content Analysis of Recent News Coverage of Long-Term Care Insu rance Presented by: David Michaelson, Ph.D. OBJECTIVE } Evaluate coverage of long-term care insurance in major consumer media by determining: ¾ Overall accuracy of coverage ¾ Misstatements ¾ Incomplete information ¾ IliInclusion of fbift basic facts ¾ Omission of basic facts 2 METHODOLOGY } Content analysis of articles on long-term care insurance appearing in major media from January 1, 2002 through June 30, 2004 } Analysis based on codes organized around three areas: ¾ Basic facts about long-term care insurance ¾ Misstatements about long-term care insurance ¾ Omissions of basic facts about long-term care insurance 3 METHODOLOGY } Codes cover seven basic categories ¾ Definition of Long-Term Care ¾ Definition of Long-term Care Insurance ¾ Qualifications for Long-Term Care Insurance ¾ Benefits of Long-Term Care Insurance ¾ Purchase Considerations ¾ Product Features ¾ Costs of Long-Term Care Insurance } Codes developpgyed in consultation with leading industry experts, including experts at MetLife } Codes refined upon of review of articles } CdiCoding done in “con tex t”ft” of eac h ar tilticle to ensure balanced and fair evaluation of content 4 METHODOLOGY } Articles identified through “key word” search of Factiva database ¾ Boolean search string using “‘long term care AND insurance’ OR ‘assisted living AND insurance’ OR ‘nursing home AND insurance’” was basis of search ¾ 295 articles met initial search criteria ¾ Search supplemented with review of select publication webitbsites to assure accuracy an d comp ltleteness } Each article abstract reviewed for content to ensure relevance to analysis } 320 articles qualified for full review yielding 114 articles specifically focusing on long-term care insurance 5 MEDIA SOURCES Wire Services Magazines } } AP Online Business Week } Consumer Reports } Associated Press Newswires } Fortune } Dow Jones Business News } FbForbes } Dow Jones Newswires } Kiplinger’s Personal Finance } Reuters News } Kiplinger’s Retirement Report } Modern Maturity (AARP) } Money Magazine } Newsweek } SmartMoney } Time } U.S. News & World Report 6 MEDIA SOURCES Newspapers } Arizona Republic } Newark Star-Ledger } Atlanta Journal-Constitution } Newsday (N.Y.) } Boston Globe } New York Post } Chicago Sun-Times } New York Times } Chicago Tribune } Philadelphia Inquirer } Cleveland Plain Dealer } Portland Oregonian } Daily New s (N. Y. ) } San Diego Union-Tribune } Dallas Morning News } San Francisco Chronicle } Detroit Free Press } Seattle Post-Intelligencer } Houston Chronicle } St. Petersburg Times } Los Angeles Times } Wall Street Journal } Miami Herald } Washington Post } Minneapolis Star-Tribune } USA Today 7 MEDIA SOURCES Number of Articles Per Year } Trend over past 3 NbNumber o fAtilOLf Articles On Long-Term years shows Care Insurance Each Year increasing coverage 60 58 of long-term care 50 46 39 insurance 40 ¾ 26% increase 30 since 2002 20 10 0 2002 2003 2004 (annualized) 8 ANALYSIS } Examples of basic facts used in the analysis include: ¾ Individuals who need long-term care need help with the Activities of Daily Living (ADLs). ¾ Long-term care services are delivered in a variety of places such as a nursing home, in your home, an assisted living facility, an adult day care center and a hospice facility. ¾ Long-term care insurance is one method of providing funds to ppyay for long -term care services. ¾ The older you are, the more likely that you will need long- term care. ¾ The time to plan for long-term care is before you need it. ¾ Long-term care insurance helps individuals protect their financial assets. ¾ Long-term care insu rance helps prov ide individ uals w ith dignity and choice to maintain a certain lifestyle. 9 OVERALL RESULTS Gaps In Coverage OVERALL RESULTS Gaps In Coverage } Over eight in ten PtiOfAtilCtiiProportion Of Articles Containing (85%) articles have One or More Errors or Omissions Misstatement, or Omission of Basic Fact gaps that need to NENo Errors or O Oimiss ions be filled 15% Contains Errors or Omissions 85% 11 OVERALL RESULTS Gaps In Coverage Distribution of Errors & Omissions } The basic definitions of Byygy Category long-term care and long-term care Product Consideration 11% insurance as well as the Benefits of LTC Product Features 27% 4% Costs of LTC bfititdithbenefits associated with 4% these products are the Define LTC most common 19% categories where errors and omissions occurred Qualifications for LTC 15% Define LTC insurance 19% 12 OVERALL RESULTS Gaps In Coverage } Cittt&iiCommon misstatements & omissions are centered on the need for and bfitflbenefits of long-titerm care insurance. 13 WHAT WE LEARNED Gaps In Coverage Most Commonly Reported Gaps in Coverage About Long -Term Care Insurance Proportion of Articles Containing Each Error or Omission MISSTATEMENTS All LTC insurance is expensive 9% Only needed with chronic conditions 5% Most will never need LTC insurance 4% OMISSIONS LTC insurance helps protect assets 37% LTC insurance can help pay for LTC services 35% LTC insurance is one method of funding LTC services 34% LTC insurance helps maintain lifestyles 28% LTC insurance helps with Activities of Daily Living 25% 6 basic activities of daily living 21% LTC differs from acute care 20% 0% 5% 10% 15% 20% 25% 30% 35% 40% 14 WHAT WE LEARNED Gaps In Coverage Proportion of Articles Omitting Basic Facts } Omissions of basic About Long-Term Care Insurance vs. facts are significantly Contains Misstatement more prevalent than 100% 82% thilithe inclusion o f 80% misstatements 60% ¾ 21% contain a misstatement 40% 21% 20% ¾ This compares to 82% omitting a bas ic fac t 0% Omit Basic Facts Contains Misstatement 15 OBSERVATIONS & CONCLUSIONS OBSERVATIONS & CONCLUSIONS } Americans need basic information on long-term care insurance that is not commonly reported in articles ¾ The definition of what long-term care insurance is ¾ The benefits long-term care insurance offers 17 OBSERVATIONS & CONCLUSIONS } Americans also need to know: ¾ The benefits of long-term care insurance are more than just financial and include emotional and lifestyle benefits for themselves as well as their families ¾ MdiidiMedicaid is not a pract ilical so lilution for many people who need basic assistance with Activities of Daily Living ¾ Acute care insurance will not pay for long- term care needs 18 THE MEDIA REALITY CHECK: A Content Analysis of Recent News Coverage of Long-Term Care Insurance Presented by: David Michaelson |.