Boomers are seeing the value of long-term care insurance. Nearly three-quarters of LTCI buyers were 55 or older last year, compared with 69 percent in 2008, according to the American Association for Long-Term Care Insurance.
Boomers are opting for lower benefits and longer elimination periods, too. Nearly all buyers (92.2 percent) selected a 90-day elimination period or longer, and 43 percent opted for daily benefits of $149 or less.
“Clearly the economy is having an impact on when individuals start their long-term care planning and what benefit levels and policy options they select,” Jesse Slome, executive director of AALTCI, said in a press release.