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According to the Health Insurance Association of
America (HIAA), the average age of those purchasing long term
care insurance has dropped from age 72 in 1990 to
almost 58 today. This change is likely due
to:
Evolution of Long Term Care Insurance Policies
Long term care insurance policies are more comprehensive than
they were 10-15 years ago. Back then, they were sold as “nursing
home” insurance – not an easy sell.
Today, comprehensive policies allow a choice of where the client
will receive care, such as home care, assisted living care,
adult day care or skilled nursing care. Many offer riders and/or
indemnity benefits to pay for additional things such as
medications and home modifications. Consumers today are quickly
recognizing the importance of having the option to stay in one’s
home for as long as possible.
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Fewer
Alternatives Pay for Long Term Care
Medicare has and does pay for some long term care, although
today, Medicare only pays for skilled and rehabilitative
services. Medicaid will pay for custodial care, but limits where
you can receive it. Medicaid also requires people to spend-down
their assets in order to qualify.
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Consumer
Awareness about LTC Insurance
The number of people in the aging population is increasing. More
and more family members are experiencing first hand how their
parents’ having a long term care policy in place is benefiting
their family by allowing the parent(s) to stay home to receive
care. They’re also witnessing the great burden it can be when a
parents does not have a long term care insurance policy. The key
factor is being aware that health plays a major role in
qualifying for coverage at the best prices and it’s imperative
to obtain the insurance when you’re healthy.
Involving the children in the decision to purchase long term
care insurance allows them to be educated about the benefits, so
that if anything were to happen, they’re well-prepared to handle
the situation
Often, the children, usually in their 30s and 40s, will also
purchase a policy for themselves when they realize how important
the insurance can be for their own children’s’ peace of mind.
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