LTC insurance sales surgingTwenty-five states saw a double-digit jump in the number of residents with long-term care insurance, while smaller states recorded the biggest increase in growth compared to the year prior, according the American Association of Long-Term Care Insurance 2011 LTC Sourcebook.
An influx of private insurance money could be a boon to long-term care financing, experts say.
The number of Alaskans with LTC insurance grew almost 130%, while Wyoming and Vermont experienced increases by 62% and 48%, respectively. The states with the highest percentage of LTC insurance policy holders include California, New York, Texas, Florida and Illinois.
Pennsylvania and Missouri were the only states to experience a decline in the number of residents covered. It's possible the number of lapsed policyholders was greater than the number of newly insured, said Jesse Slome, executive director of AALTCI.
“Many insurance agents are having their best years as prospects are seeking them out, something that has never occurred before,” Slome said.