NU Online News Service, March 26, 2003, 3:13 p.m. EST – The American Council of Life Insurers, Washington, has published “Passing the Trust to Private Long-Term Care Insurance,” a report that describes the current state of the LTC insurance industry, says LTC insurance has become a mainstream product, and argues that the federal government ought to encourage Americans to buy it.
The authors of the report note that at least 22 states offer LTC insurance to their employees, and that more than one-third of big companies offer LTC insurance as an employee benefit.
U.S. life insurers have already paid out more than $11 billion in LTC benefits, the authors add.
The ACLI report praises President Bush for including LTC insurance tax incentives in his 2004 budget proposal. The report also praises efforts by members of the House and Senate to introduce bills that would encourage Americans to buy LTC insurance.
“We strongly support these initiatives because they acknowledge that private long-term care insurance provides the best hope for Americans to shoulder the financial burden of long-term care assistance,” Lynn Boyd, an ACLI senior director who worked on the LTC report, says in a statement about the report.
A copy of the report is available on the ACLI Web site, at http://www.acli.com/ACLI/About+ACLI+nonmember/Industry+Facts/Passing+the+Trust+to+Private+Long-term+Care+Insurance.htm