The vast majority of long-term care insurance claims begin after age 80 according to a new report released today by the American Association for Long-Term Care Insurance.
“If you live a long life the chances are very high that you’ll eventually require care,” explains Jesse Slome, director of the long-term care insurance organization. ”When long-term care services are needed most people depend on family members or loved ones, while others have to pay from their retirement savings or income. A small percentage of people today have purchased long-term care insurance to pay for their care.”
Long-term care insurance policies were first introduced in the 1980s and now protect several million aging Americans’ “You must secure this insurance protection when you are still able to health qualify,” stresses Slome. The ideal time to apply is between ages 55 and 65, the long-term care insurance expert points out.
“You are buying protection for your future,” Slome explains. “While some people start using their policy benefits relatively soon after buying, typically as a result of an accident or illness, most won’t qualify for policy benefits for a number of years.”
According to data just released by the Association, just over a quarter (27%) of new long-term care insurance claims begin when policyholders are between ages 80 and 84. For the first time, the organization was able to compare data for traditional long-term care insurance as well as linked-benefit long-term care. The latter typically consists of life insurance or annuities that can also provide a long-term care benefit.
“Each year the nation’s long-term care insurance companies pay out billions in benefits to seniors with this valuable coverage,” adds Craig Matesky, President and CEO of ACACIA Insurance Services. “Today, there are multiple long-term care insurance options that are affordable and more important will cover you for home care, assisted living, nursing home or memory care.”
Access the latest 2024 long-term care insurance statistics and data on the Association’s website at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Jesse Slome is director and also directs the American Association for Medicare Supplement Insurance.
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