Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Long-Term Care Planning

AALTCI: Typical LTCI duration falls

Your article was successfully shared with the contacts you provided.

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.