Benchmark study identifies a growing trend
Los Angeles, CA – August 26, 2015 – Nine out of 10 individuals who purchased short-term care insurance coverage in 2014 were age 61 or older, according to a study just released by the National Advisory Center for Short Term Care Information.
“Short-term care insurance is clearly seen as a benefit for seniors,” declares Jesse Slome, director of the National Advisory Center.
The new organization, established as part of the American Association for Long-Term Care Insurance, conducted the first industry benchmark study examining sales and buyer data on over 30,000 policies issued by nine leading insurers who market short-term care insurance policies.
Attracting the senior market
According to the study, just over half (51%) of buyers were between ages 61 and 70. Over one-third (36%) were between ages 71 and 80 when they applied for their short-term care insurance policy. “Some four percent were over age 80,” Slome reports. A number of short-term care insurance policies will accept applicants up to age 89. Nine percent of buyers were age 60 or younger according to the study.
“These products are certainly attractive to the senior market,” Slome explains. “Simplified health underwriting makes them ideal options for individuals seeking long-term care coverage who have health issues or for Medicare beneficiaries who have coverage gaps in their Medicare Advantage or Medicare Supplement insurance policy.”
The National Advisory Center for Short Term Care Information was founded to create awareness among consumers and support insurance professionals who sell to individuals and groups.
For more information on selling short term care insurance, visit the organization’s website www.shorttermcareinsurance.org.