American Association for Long-Term Care Insurance

Some 8.265 million Americans now own long-term care insurance either on an individual basis or through employer-offered protection according to a report released today by the American Association for Long-Term Care Insurance (www.AALTCI.org).   The number of people with this protection increased in 2008 compared to the prior year.

“Long-term care insurance becomes an increasingly attractive planning option when people understand they can’t rely on government programs or their retirement savings should they need long-term care,” said Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance.  The Association compiled data to be published as part of its 2009 Sourcebook.

Ten States With Most Insureds
According to the Association data, the following states have the most residents with long-term care insurance.  “California has over 550,000 people with coverage followed by Florida (about 450,000) and New York (400,000),” Slome notes.  “Alaska, with over 670,000 residents has 5,000 people with coverage, the lowest in the nation.”  Hawaii has about twice the population but some 63,000 residents have long-term care insurance in place.

The top-10 states with residents owning long-term care insurance according to the Association’s 2009 LTCi Sourcebook are:

1. California  6.  Pennsylvania

2. Florida    7.  Ohio

3. New York    8.  Missouri

4. Texas      9.  New Jersey

5.  Illinois    10. North Carolina

Some States See Double Digit Growth
While sales have grown modestly, the Association reports that the number of insureds has grown significantly in certain states.  Data from the most recent state insurance filings reported in the Association’s 2009 Sourcebook note that the number of policyholders grew fastest in Arizona (+ 25.2%) followed by Florida (17.8%).

The states reporting the greatest increase in the number of residents owning long-term care insurance according to the Association’s 2009 LTCi Sourcebook are: (number in bracket represents percentage increase from the prior year’s State filings).

1. Arizona (25.2%)  6.  Missouri (14.4%)

2. Florida (17.8%)  7.  Oklahoma (14.4%)

3. N. Carolina (17.0%)  8.  Louisiana (13.7%)

4. Maine (15.6%)   9.  Massachusetts (13.3%)

5.  Kansas (14.4%)      10. S. Carolina (13.0%)

The American Association for Long-Term Care Insurance (www.aaltci.org) is the professional organization serving both insurance and financial professionals as well as educating consumers nationwide.   The Association publishes the annual Long-Term Care Insurance Industry Sourcebook a compendium of relevant industry data.

Tags: American Association for Long-Term Care Insurance, long term care, long-term care insurance, money, nursing home cost, planning, research, statistics, study

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