Younger people buying LTC insurance, study finds
Baby boomers are considering their long-term care needs for the future, a new study finds. For the first time in at least a decade the average age of purchasers of long-term care insurance has fallen below 60 years old.This year the average age of Americans who bought insurance for home care and assisted living was 58 years old, according to the American Association for Long-Term Care Insurance. In 1995 the average purchaser of such coverage was 69 years old. A total of 8 million Americans have long-term care insurance.
Insurance costs are generally lower for those in their 50s and some insurers are offering products that evolve coverage over time - something that has attracted more baby boomers, according to Jesse Slome, executive director of the AALTCI.