Applications for Long Term Care Insurance Rising

Posted on June 29th, 2011 by Em-Power Services

The American Association for Long-Term Care Insurance estimates that over 500,000 Americans are expected to apply for long-term care insurance this year. The number represents a significant jump over 2010.

Over eight million Americans currently have long-term care insurance protection, with roughly 200,000 receiving benefits in 2010. This is according to the 2011 AALTCI Long-Term Care Insurance Sourcebook.  The majority (56 percent) of individual applicants are between the ages of 55 and 64.

Jesse Slome, executive director of AALTIC stated that “consumers in their 50s and young 60s are more aware than ever of the risks involved in living into their 80s and 90s.” He adds, “people increasingly understand the need to look into this protection prior to retirement age, when costs are more affordable and you are still most likely able to health qualify for coverage.”

The Association also noted that significant growth in sales will result from the thousands of federal employees signing up for coverage through the Federal Long-Term Care Insurance Program (FLTCIP) where open enrollment which closed June 24.  ”I would expect tens of thousands of newly covered individuals,”  Slome adds.

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