Premiums for "qualified" long-term care insurance policies are tax deductible to the extent that they, along with o...Read more
Purchase of Long-Term Care Insurance Continues to Build
- February 20th, 2003
The number of Americans who have purchased long-term care insurance has increased more than tenfold in the last fifteen years, according to a survey released by the Health Insurance Association of America (HIAA).
The total number of long-term care insurance policies sold has grown from 815,000 in 1987 to nearly 8.3 million in 2001. In 2000-2001 alone, 137 companies sold more than 1.4 million policies, according to the HIAA study, 'Long-Term Care Insurance in 2000-2001.'
Although premiums paid for long-term care insurance varied widely based on a number of factors, the HIAA study found that the average premium paid in 2001 remained nearly constant when compared with the average premium paid two years earlier.
A basic policy purchased in 2001 at age 65 cost $996 a year, compared to an average annual premium of $1,002 for the same policy purchased in 1999. A similar policy with added features such as inflation protection and nonforfeiture benefits cost $2,261 in 2001, compared with $2,130 two years earlier.
All companies surveyed offer plans covering nursing home, assisted living facility, home health care, hospice care, respite care, and alternate care services.
The number of employers offering long-term care insurance as an employee benefit skyrocketed over the last decade, with more than 4,700 employers now making long-term care insurance available for purchase by their employees.
From 1988 to 2001, the average age of the purchasers in the individual market steadily fell, decreasing from 72 in 1990 to 65 in 1999. In 2001, this average age dropped to 62. On the other hand, the average age of those purchasing policies from employers increased increase from 43 to 46 in 2001.
HIAA is a trade association representing the private health care system.
To download a copy of the study''s Executive Summary in PDF format, click on: http://membership.hiaa.org/pdfs/policy/030130LTCExecutiveStudy.pdf
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