LTC insurance buyers are getting younger
Contemporary Long-Term Care Weekly, November 1, 2007
The age at which people begin purchasing long-term care insurance (LTCI) has fallen below an average of 60 years for the first time after dropping steadily for more than a decade, according to the American Association for Long-Term Care Insurance.
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 started procuring LTCI in their 50s because insurance costs are generally lower at that age, he said. This year, 46 percent of buyers of long-term care benefits were between 50 and 60 years old, while nearly 40 percent were over age 60 and 14 percent were under 50.
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