Thursday, December 2, 2010

LTC Insurance Might Cost Less Than You Thought

Have you put off looking into long-term care insurance because you figured it would be too expensive? Well, the American Association for Long-Term Care Insurance recently released a report that might surprise you … Over 200,000 consumers who had purchased state-approved partnership long-term care policies during the first half of 2010 participated in the study. And here’s what the Association found for buyers under age 61: •27.8% pay less than $1,000 a year •19.4% pay between $1,000 and $1,500 a year •28.9% between $1,500 and $2,500 a year •17.1% pay between $2,500 and $4,000 •6.8% pay $4,000 or more Since premiums rise as we get older, the numbers for buyers age 61 through 75 were different: •9% pay less than $1,000 a year •12.5% pay between $1,000 and $1,500 •34.5% pay $1,500 to $2,500 •28.4% pay $2,500 to $4,000 •15.6% pay $4,000 or more Also interesting is that 57 is the average age for purchasing long-term care insurance. What’s more, in 2009, 81% of new buyers were under 65. This tells me boomers are waking up to the fact that they must assume responsibility for their care in case their health changes as they age. Best wishes, George P.S. Not sure if you need long-term care insurance or would you like to explore your other options? Then click here to read a free excerpt from A Boomer’s Guide to Long-Term Care.

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