More than half of Americans – 55 percent – mistakenly believe health insurance or Medicare will pay for assistance with daily living due to illness or injury for an extended period of time.

A recent survey conducted online by Harris Poll on behalf of OneAmerica asked adults how they would pay for assistance with daily living due to illness or injury, either in-home or in a care facility, for an extended period of time (i.e., longer than 90 days). More than half (55%) said they'd use Medicare or health insurance, even though in most cases, neither will pay for long-term assistance with daily activities.

In the survey of 2,065 U.S. adults age 18 and older, those ages 55 and older were more likely than those ages 18-54 to say they'd pay for long-term care needs with health insurance and/or Medicare (67% vs. 47%), while those ages 18-54 were more likely than those ages 55+ to say they'd borrow money for long-term care, either from family/friends or with a credit card or loan (36% vs. 13%).

The results show more education is needed about preparing for the possibility of significant long-term care expenses, said Chris Coudret, vice president and chief distribution officer, Care Solutions at OneAmerica.

"Most people may realize they will probably need some level of care as they age, whether it's help in their homes or full-time care in a facility," Coudret said. "But these results show that most people probably don't realize how those expenses can affect the plans they're making for retirement."

OneAmerica has asset-based long-term care solutions, which can help protect retirement income from the drain of unexpected expenses.

With asset-based long-term care protection, premiums are guaranteed, and policies come with a return-of-premium guarantee in case of cancellation.