Council sees progress in LTC sales. (Life/Health).
Long-term-care insurance is gaining in popularity and becoming a financial-planning tool thanks to more awareness of the costs of long-term care long-term care (LTC),
n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. , according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. a 64-page report released in late March by the American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. .
The report says consumers are buying LTC LTC
lieutenant colonel policies at younger ages and that workers, including blue-collar employees in many industries, are enrolling in employer-sponsored LTC plans. Families with "strong cultures" of caring for elders are also buying coverage in growing numbers, said the report, "Passing the Trust to Private Long-Term-Care Insurance."
As a result of their experiences in caring for elderly people, some 37% of female baby boomers See generation X. took action to plan for their own futures, and more than a third purchased additional life, health or LTC insurance, said the report. Almost half of Americans 45 and older have discussed their possible need for LTC insurance with adult children.
At least 22 states offer LTC insurance to their employees, and more than a third of large companies offer it as a benefit. Insurers, meanwhile, have paid out more than $11 billion in LTC benefits since they introduced the first LTC policies in 1972.
Middle-income Americans could be hardest hit if they don't take steps to prepare for LTC needs, because they are too well off for Medicaid but not wealthy enough to preserve their assets after paying LTC bills, said Allianz Life Insurance Co. of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. in a report last December.