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September 05, 2012 at 12:39 PM
Younger people may buy a long-term care insurance (LTCI) policy so that they can save money on premiums, and seldom believe they’ll actually use it for many years to come. It’s a common perception that such coverage is for older people who suffer failing faculties due to their age. However, if disability strikes early, the benefits can sometimes be paid for years, according to a study released Wednesday by the American Association for Long-Term Care Insurance (AALTCI).
The study indicated that the youngest claimant began receiving benefits at age 24 on a policy he had purchased at age 21. The policy has already paid benefits for seven years. The youngest female claimant, at age 28, began collecting benefits less than 12 months after she purchased the policy, said Jesse Slome, director of AALTCI. In a statement, he said, “Within the same year, she needed care and qualified for benefit payments that have amounted to over $135,000.”
According to Slome, “People often mistakenly associate long term care solely with nursing home care required by the elderly. After purchasing insurance coverage, younger individuals have accidents and are diagnosed with health conditions that result in the need for care for months and often years.”
