7.5 Million Americans Have Long-Term Care Insurance Protection

Americans with long-term care insurance protectionRoughly 7.5 million Americans currently have some for of long-term care insurance protection in according to the American Association for Long-Term Care Insurance (AALTCI).

“These individuals have taken steps to plan for the very real risk of one day needing long-term care,” explains Jesse Slome, AALTCI’s director.   ”They don’t want to depend on loved ones and family members, they don’t want to turn to taxpayer funded programs like Medicaid and they want insurance to share all or some of the cost for care at home or in a skilled nursing facility.”

The Association released it’s report of the number of individuals who are presently covered by a traditional long-term care insurance policy or one of the increasingly popular forms that range from life insurance to annuities that include a benefit payment for long-term care needs.

“There are millions of Americans who currently need long-term care who do not have a plan in place,” Slome notes.   ”Too often they have turned spouses or family members into unpaid caregivers, or they will spend their own savings or completely forgo care because they are worried about outliving their retirement savings.”

Long-term care insurance is not an option for everyone Slome admits.  “You must be the right age to apply for coverage which typically means you are between ages 55 and 69.  You must also be in reasonable health, because insurers today will look at your health and can determine who is more likely to be needing care a decade or so into the future.”

The typical applicant for long-term care insurance today is age 57 according to another study by the long-term care insurance group.  The latest data on long-term care insurance can be found on the Association’s website.  Go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2020.php to see studies for 2020.

The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.   Established in 1998, the organization connects consumers with knowledgeable professionals who are independent advisors for no-cost, no-obligation long-term care insurance costs quotes and policy comparisons.

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