Study: The Economy Is Impacting LTC Buyers, Choices

- 43%selected initial daily benefit amounts of $149 or less compared to 37% for the prior year

- 92% selected elimination periods of 90 days or longer compared to 86% for the prior year

- 29% selected a policy designed to pay benefits for at least three years

- The overwhelming majority added an inflation growth option that increases benefits each year, with 47% choosing the 5% compound growth factor

The researchers also found that the average buyer between ages 45 and 54 paid $1,900 annually for their coverage in 2009, with prices ranging between companies from $1,000 to over $3,200.

In addition, it found that, in 2009, 54% of LTC insurance purchases involved couples, with the policies covering both lives; 24% involved couples or partners where only one individual was covered; and 22% involved purchases by single individuals.