A national news report distributed today by the American Association for Long-Term Care Insurance reported that individuals are purchasing long term care insurance at younger ages and selecting lower levels of coverage and options that make protection more affordable according to new research.
“Buyers are younger, they begin with lower amounts of initial coverage and they select options that reduce their cost significantly,” reports Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The Association’s just-published 2015 LTC Sourcebook includes an analysis of 85,000 individuals who purchased long-term care insurance protection in 2014.
“Nearly 40 percent of buyers were age 54 or younger, compared to 29 percent who purchased in 2012,” Slome notes. “Buying younger makes sense because premiums are less expensive and several leading insurers now offer some very attractive options that allow you to increase coverage in future years even if your health has changed.”
One of the most significant changes revealed by the study affects the future growth of policy benefits. “Over half (51%) of buyers in our prior study selected an option where their available pool of benefit dollars increased by five percent yearly,” Slome shares. According to the Association research only 14.5 percent selected this option when purchasing coverage in 2014. Nearly half now selected a three percent growth option.
To read more visit these major national and regional news media who reported the results of the Association’s news story.
Yahoo Finance
http://finance.yahoo.com/news/study-reveals-much-long-term-141800403.html
Wall Street Journal’s MarketWatch
Boston Globe’s Boston.com
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