ChatGPT Summary:

A survey conducted in May 2023 by Nationwide Retirement Institute and LIMRA found that many Americans are open to the idea of using Artificial Intelligence (AI) and robotics for in-home care as they age. Key findings from the survey include:

• One-third of Americans and 58% of millennials believe AI and robotics will provide their future in-home long-term care.
• 35% of Americans would accept help from a robot for daily activities like toileting, dressing, and transferring, with higher acceptance among millennials (52%) and lower acceptance among older generations.
• 32% of respondents would talk to robots/AI if they are feeling lonely, increasing to 52% among millennials.
• 68% of Americans would use AI to alert family/friends if they were to experience a fall or physical danger.
• 48% of Americans would share their medical history with AI to support their care needs, rising to 65% for millennials.

Nationwide is testing eldercare robots in the homes of select policyholders with mobility issues to assess if the robots can help policyholders age in their homes and remain independent. The survey also revealed that 18% of adults mistakenly believe they currently own long-term care insurance, with many confusing it with long-term disability insurance or health insurance.

The survey highlights Americans’ concerns about managing aging, with almost half worried about becoming a burden to their family, and a third preferring death over living in a nursing home. However, the survey also shows that many individuals have not discussed long-term care costs with a financial professional. Nationwide recommends proactive planning with financial professionals to address long-term care needs.