long term care insurance facts statistics in 2014 LTCi Sourcebook
Los Angeles; August 20, 2013 – The overwhelming majority of individuals who purchased a new long term care insurance policy in 2012 did so before turning age 65 according to findings reported by the American Association for Long-Term Care Insurance.
“The age of long term care Insurance buyers has been steadily dropping,” reports Jesse Slome, executive director of the national long term care insurance industry trade group. The organization published the findings as part of their 2014 Long Term Care Insurance Sourcebook.
According to the organization’s research, over half (54.0%) of new buyers were between the ages of 55 and 64. “We explain that the sweet spot for looking into long term care insurance is between your early 50s and age 64 prior to qualifying for Medicare,” Slome explains. “It’s your health that matters much and with each passing year it is increasingly likely that your health will change.” Slome notes that insurers underwrite candidates and will charge more or deny coverage to those with concerning health conditions.
“People mistakenly believe that everyone can get long term care insurance at any age and that simply is not true,” Slome explains. “To keep the costs of coverage as low as possible for those who purchase coverage, insurers are selective and will look at medical records.”
The Association research is being published in the 2014 Long Term Care Insurance Sourcebook which contains both special studies conducted by AALTCI as well as summaries of other key industry studies. The Sourcebook will be mailed to all Association members around October 1 and single copies can be purchased for $99.
For additional information or to obtain a copy, call the organization at 818-597-3227. Consumers seeking long term care insurance costs and information can access free long term care insurance guides on the organization’s website. No sign-in information is required to access the guides. To learn more or to be connected with a designated California long term care insurance specialist call the organization at 818-597-3227 or visit their website.
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