Report: Long-Term Care Insurance Coming of Age

Long-term insurance is becoming a mainstream tool for long-term financial planning, according to a report by The American Council of Life Insurers (ACLI).

The report, "Passing the Trust to Private Long-Term Care Insurance," shows that long-term care insurance is growing in popularity. Consumers are buying long-term care coverage at younger ages; workers, including blue-collar workers in many industries, are enrolling in employer-sponsored long-term care plans; and families with strong cultures of caring for elders are buying long-term care insurance in growing numbers.

In addition, the report found that:

• Women baby boomers are buying long-term care insurance as a result of their experiences in caring for people needing long-term care assistance.
• Almost half of Americans 45 and older have discussed their possible need for long-term care with their adult children.
• More than one-third of large companies are offering long-term care insurance as an employee benefit. Smaller employers are offering coverage as well.
• At least 22 states are offering long-term care insurance to their employees.
• Life insurers have paid out more than $11 billion in long-term care benefits.