Typical long-term care insurance (LTCI) applicants may still be ages 60 and older, and it looks as if most still apply for coverage with a benefit period of at least three years.
LTC Consumer, a long-term care (LTC) planning firm, has published data supporting those LTCI applicant conclusions in an analysis based on a review of 2,049 LTCI applications it handled. The firm submitted the applications from Jan. 1, 2013, through Nov. 21, 2014.
LTCI issuers have been encouraging consumers to apply for coverage earlier, and they have talked more about the idea of coping with shifts in the LTCI market by buying smaller amounts of coverage.
See also: AALTCI: Average age of life-LTC insureds drops