Over 600,000 Californians have long term care insurance coverage more than any other state according to a report released today.
“The larger states with their larger populations were expected to have the most long term care insurance policyholders,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. Texas has over 452,000 residents with this coverage with New York reporting just over 411,000.
Massachusetts reported the largest percentage increase in the number of year-to-year owners for the top 15 states. “Our study found an almost 21 percent increase in the number of residents with long term care insurance,” Slome adds.
A few states included in the Association’s report showed an overall year-to-year decline in the number of people with this insurance coverage. “While you have new people buying coverage, you also have people lapsing their policies and a percentage die every year as well,” Slome points out. According to the long term care insurance expert some eight million Americans currently own long term care insurance purchased on an individual basis or though their employer’s benefit offerings.
“Residents in every state have been hearing repeated news stories about how State and also Federal programs are being cut back,” Slome says. “People understand that if they want choice and options for how and where they will receive care, they need to plan and not depend on whatever government programs may exist in the years to come. More have been turning to long term care insurance as a way to deal with the costly risk of living a long life.”
The Association has several thousand long term care insurance professionals who are members and available to provide free no-obligation information on the topic. To connect with one call the organization’s national headquarters at (818) 597-3227. For free guides on reducing long term care insurance costs visit the Association’s website.
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