Do “young invincibles” need long-term care insurance (LTCI)?
The American Association for Long-Term Care Insurance (AALTCI), Westlake, Village, Calif., has come up with evidence that they might.
LTCI carriers have responded to higher-than-expected claims costs by trying to sell fewer policies to older consumers and more to younger consumers.
Awareness has been one obstacle. Traditionally, LTCI marketing specialists have argued that consumers start learning about long-term care (LTC) costs and the concept of LTCI coverage when their own aunts, uncles and parents start to need care.
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Younger consumers’ tight budgets have been another obstacle. Many younger consumers have a hard time paying for basic health insurance or disability insurance, let alone LTCI coverage.
Still another obstacle has been the idea that young people are so unlikely to need LTC services that they might be better off buying meteor strike protection insurance, or even space alien attack insurance, than LTCI policies.
AALTCI has tried to counter the argument that younger consumers have no need for LTCI coverage by asking 4 LTCI carriers to describe some of their youngest male LTCI benefits recipients and their youngest female LTCI benefits recipients with claims that are still being paid.