AARP has updated a document that gives its vision of how private long-term care insurance (LTCI) coverage works.
Kathleen Ujvar has revised an LTCI fact sheet that was posted by Enid Kassner in 2009 and later changed by Lina Walker.
Like Kassner, Ujvar draws on a list of sources that includes surveys and studies commissioned by Genworth Financial Inc., Richmond, Va.(NYSE:GNW); the Assistant Secretary for Planning and Evaluation (ASPE) at the U.S. Department of Health and Human Services; LIMRA, Windsor, Conn.; America’s Health Insurance Plans, Washington; and the American Association for Long Term Care Insurance (AALTCI), Westlake Village, Calif.
Ujvar also draws on additional sources, such as the record of an LTC forum presented by George Washington University in February and long-term care insurance experience studies published by LIMRA and by the Society of Actuaries, Schaumburg, Ill.
In 2009, AARP said the average cost for a private-pay patient in a nursing home was about $70,000 per year. In the 2012 version of the fact sheet, Ujvar increases the average amount ot $88,000.