Consumers Now Buying More Affordable Long Term Care Insurance

The down-turn in the economy is causing prices to drop in all areas including long term care insurance.   Consumers are still buying this important coverage at record rates, they are just buying smaller policies to offset the down turn in the economy.  An article from the Kansas City InfoZine mentions:

Westlake Village, CA - infoZine - Some 400,000 individuals purchased long-term care insurance protection in 2008 according to a just-released report. The overwhelming majority (84%) of individual buyers in 2008 were younger than age 65 and three-fourths (76%) selected a more affordable approach to this protection by opting for coverage for a specific number of years.

What's intriguing about the above stat is 84% were below age 65 which is a good sign that people now are planning ahead for this risk rather than crisis manage after it's too late.  Many of the younger buyers probably have parents or close relatives who have needed care and whipped out an entire life's savings.  According to the America Association of Long Term Care Insurance about 8.2 Million Americans now have LTCI individual coverage (not group plans such as AARP's group plan which have draw-backs).  As our government continues to wildly spend and waste money people are using a bit of common sense that the money will simply not be there for the government to fit the bill so people are planning.  If you'd like to learn more on LTCI fill in the form below.  Thanks for reading, we really appreciate it.