Los Angeles, CA: November is National Long-Term Care Awareness Month and the American Association for Long-Term Care Insurance director urged insurance agents to educate the 22 million individuals who are most likely able to purchase this coverage.
“Long-term care is something everyone should know more about. That said, long-term care insurance is only an option for a very specific number of individuals,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance. “By our estimates there are currently 22 million individuals who comprise the ideal person for this protection.”
According to Slome there are currently around 59.9 million Americans between ages 55 and 70. “This is really the sweet-spot for long-term care insurance,” Slome notes. “Before that people generally have other financial planning priorities and after age 70, it’s going to be hard to health qualify.”
Health is an important factor in obtaining a long-term care insurance policy. “Almost a quarter (22.4%) of Americans between 49 and 70 take five or more prescription drugs every month,” Slome shares. “Almost half of men (46.4%) and nearly as many (43.3%) of women who are between 40 and 59 are considered obese. After age 65, some 30 percent of individuals already report some physical disability. These are all conditions that make them ineligible to qualify for long-term care insurance.”
Financial and marital status are also important factors. “Most long-term care insurance is purchased by couples,” Slome notes. “The number of Americans age 45 or older who are currently married is only 61 percent.”
When it comes to savings, the latest data reveals the percentage of individuals with savings of $500,000 or more. The number ranges from 14 percent (ages 50-59) to 31 percent (ages 70-79).
Based on evaluating the data reported by various governmental agencies, the long-term care insurance expert reports that there are some 22 million prospects for long-term care insurance options. “A small percentage of these individuals have already purchased coverage, but most we know have not,” Slome declares. “These are the individuals insurance agents need to communicate with during November’s Awareness Month.”
To access the latest long-term care insurance facts go to www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2020.php.
The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance professionals who market long-term care insurance. To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at www.aaltci.org.
