Many Americans are looking to Medicaid to meet their long-term care needs, even though most know more about long-term care insurance than five years ago.

John Hancock Financial surveyed 1,000 people and found 60 percent believe they'll someday need long-term care. However, fewer have planned for the possibility in their own lives, and many said they'd rely on Medicaid despite admitting they did not understand how the program worked.

A majority of respondents answered seven out of 10 basic LTC quiz questions correctly compared to four out of 10 in 2006. Despite the increase in general LTC knowledge, fewer people today than in 2006 said they've made financial calculations for what they'll need in retirement (66 percent vs 72 percent). Of those who have calculated for retirement, only 41 percent included LTC needs in the equation, compared to 51 percent in 2006. Fewer still, 22 percent, said they've made plans specifically to finance potential LTC needs, compared to 31 percent in 2006.