Boomers Buying Long-Term Care Coverage
Houston Chronicle, October 29th, 2007
The average age of people buying long-term care insurance benefits
dropped below 60 for the first time after falling steadily for more
than 10 years, a trade group said Monday.
A study by the American Association for Long-Term Care Insurance
showed that the average age of Americans buying insurance for home care
and assisted living fell to 58 years old in 2007. The average age has
been on the decline. It's down from an average of 61 years in 2005 and
69 years in 1995.
The trend reflects a growing awareness of the importance of planning
for health care and retirement, said Jesse Slome, executive director of
the group.
More people have begun securing long-term care insurance in their
50s because that decade is "the sweet spot for long-term care
planning," when insurance costs are generally lower, Slome said.
Insurers have also begun offering products that evolve coverage over
time, a move that has attracted more baby boomers, he said.
About 8 million Americans now have long-term care benefits, according
to the study. That's up slightly from a year ago and about 60 percent
higher than in 2000, when fewer than 5 million people had benefits for
long-term care.
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