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Analysts find LTCI income sweet spot

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Workers with pretty high incomes show more interest in long-term care insurance (LTCI) than the workers with the very highest incomes do.

Analysts at Guardian Life Insurance Company of America have published data supporting that conclusion in a summary of results from a recent Internet survey of 1,667U.S. residents ages 1,667 and older who work full-time at companies with at least 5 employees.

The analysts found that workers in the $150,000 to $199,999 annual income bracket showed the most interest in LTCI products. About 49% of the workers in the income category identified “having to pay for long-term care needs of either yourself or a spouse” as an important long-term financial need.

Fewer than 40% of the workers who earn less than $75,000 per year identified long-term care (LTC) planning as an important need.

The share of workers identifying LTC planning as an important need was 44% for workers earning from $75,000 to $149,999 and 46% for workers earning $200,000 or more.

Other Guardian survey findings:

  • Older boomers — workers ages 60 and older — showed much more interest in LTC planning than other workers did.
  • 17% of the workers said they had LTCI coverage.
  • 70% of the workers who had LTCI coverage bought it through work. 

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