“The Long-Term Care Insurance Market Evolves,” by Mark Miller, Morningstar

Quote:  “It’s a paradox: More Americans are worried about the risk that long-term care expenses can pose for their retirement plans, but few take action to protect themselves. The commercial long-term care insurance industry has never achieved mass market penetration levels, and sales have been falling steadily over the past five years. Chalk it up, in part, to consumer resistance. People are reluctant to spend thousands of dollars annually on insurance premiums for a long-term care need that might come far down the road, or not at all.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):  Some paradox! Medicaid has paid for the vast majority of all expensive long-term care since 1965. There’s no mystery why most Americans don’t worry about LTC costs until they need care after which it’s too late to do anything responsible like buy private insurance.

The Long-Term Care Insurance Market Evolves

#insurance
#long-term
#goldencareagent