The 10 states each with the largest number of residents with a traditional long-term care insurance policy was reported today by the American Association for Long-Term Care Insurance.
"Millions of Americans have planned for the very real risk of one day needing long-term care," explains Jesse Slome, director of the long-term care insurance association. "They have purchased a traditional long-term care insurance plan on an individual basis or when it was offered through their group employee benefits program."
The Association shared the latest state-by-state data on the number of individuals who have long-term care insurance policies. "The data comes from the National Association of Insurance Commissioners annual study which only looks at traditional LTCi plans," Slome noted. "Over the past few years, far more individuals have opted for linked-benefit plans that combine a life insurance or annuity policy with one that may also provide payouts for qualifying long-term care expenses."
The 10 largest states based on 2017 policyholders include:
California (634,572)
Texas (443,963)
New York (408,354)
Florida (341,816)
Illinois (332,446)
Pennsylvania (265,239)
Virginia (246,281)
Ohio (243,181)
New Jersey (218,164)
Minnesota (216,012)
"Most of the states reported nominal declines in the number of individuals with coverage," Slome pointed out. "Only Kansas and Nevada reported year-over-year increases."
Some eight million Americans have some form of long-term care insurance protection according to the American Association for Long-Term Care Insurance. "I tell people that long-term care is a real risk that faces all Americans but insurance is an option for a specific segment of the U.S. population," Slome shares. "You have to be someone who believes in planning. You have to be able to health-qualify for this protection and you have to be able to afford the premiums which generally range from about $100-monthly when you apply in your mid-50s to twice that if you wait until your 60s."
The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning and helps consumers connect with knowledgeable professionals who are independent advisors. Consumers looking for local long-term care insurance agents or cost comparisons should visit the Association's website at www.aaltci.org or can call the organization's national headquarters at 818-597-3227.