[This article was originally published on July 1, 2002. The links were updated on August 16, 2018.]
The 76 million baby boomers are a 'huge potential market' for long-term care as they age, but so far few are buying policies, according to an Associated Press article in the Columbus Dispatch.
Although many boomers are now witnessing in their aging parents how financially devastating a long-term illness can be, only 8 million policies have been sold to date, and by no means all of the purchasers have been boomers (generally defined as those born between 1946 and 1960).
Cost 'remains a big obstacle" for many consumers. According to Weiss Ratings, a 55-year-old who purchases a comprehensive policy would have to pay a premium of $1,730 to $2,733 per year. Prices vary dramatically among insurers, and it's difficult to gauge where health costs will be when the coverage is needed. Marilee Driscoll, head of the Long-Term Care Learning Institute in Plymouth, Mass., calls long-term care insurance "one of the most complex insurance products people will buy. You really need a specialist to help you select the best coverage for you."
For the complete article from the Columbus Dispatch, click here (registration is required).
Note: ElderLawAnswers believes that insurance agents and brokers selling long-term care insurance should be highly trained and know how to recommend the right coverage based on a client's finances and objectives. ElderLawAnswers has determined that The Corporation for Long-Term Care's professional designation 'Certified in Long-Term Care' (CLTC) offers a rigid program that meets these criteria. For a directory of CLTC graduates and other information, visit the CLTC Web site at www.ltc-cltc.com.
For more on long-term care insurance, click here.