One of the most difficult decisions in long-term care planning is whether to purchase long-term care insurance (LTCI) and whi...Read more
Boomers Not Flocking to Buy Long-Term Care Coverage
- August 16th, 2018
[This article was originally published on July 1, 2002. The links were updated on August 16, 2018.]
The 76 million baby boomers are a 'huge potential market' for long-term care as they age, but so far few are buying policies, according to an Associated Press article in the Columbus Dispatch.
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Although many boomers are now witnessing in their aging parents how financially devastating a long-term illness can be, only 8 million policies have been sold to date, and by no means all of the purchasers have been boomers (generally defined as those born between 1946 and 1960).
Cost 'remains a big obstacle" for many consumers. According to Weiss Ratings, a 55-year-old who purchases a comprehensive policy would have to pay a premium of $1,730 to $2,733 per year. Prices vary dramatically among insurers, and it's difficult to gauge where health costs will be when the coverage is needed. Marilee Driscoll, head of the Long-Term Care Learning Institute in Plymouth, Mass., calls long-term care insurance "one of the most complex insurance products people will buy. You really need a specialist to help you select the best coverage for you."
For the complete article from the Columbus Dispatch, click here (registration is required).
Note: ElderLawAnswers believes that insurance agents and brokers selling long-term care insurance should be highly trained and know how to recommend the right coverage based on a client's finances and objectives. ElderLawAnswers has determined that The Corporation for Long-Term Care's professional designation 'Certified in Long-Term Care' (CLTC) offers a rigid program that meets these criteria. For a directory of CLTC graduates and other information, visit the CLTC Web site at www.ltc-cltc.com.
For more on long-term care insurance, click here.
Last Modified: 08/16/2018