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AALTCI: Typical LTCI duration falls

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Consumers and their long-term care (LTC) advisors have been trying to make monthly premiums more affordable by taking steps such as buying less inflation protection and buying coverage at a younger age.

The American Association for Long-Term Care Insurance (AALTCI) says it’s also seeing consumers use another strategy to lower premiums: buying coverage with shorter benefit periods.

About 51 percent of the consumers who bought LTCI coverage in 2014 chose a three-year benefit period, up from 31 percent in 2012, according to AALTCI.

In 2012, 58 percent of LTCI buyers chose policies with benefit periods of four years or longer.