New data compiled by the American Association for Long-Term Care Insurance (AALTCI) found the number of LTC policy holders grew by double digits in 25 states.
Published as part of the organizations 2011 LTC Sourcebook, the states with the largest number of residents owning long-term care insurance include California, New York, Texas, Florida and Illinois. “New York with over 450,000 policyholders recorded the largest percentage increase in covered lives with nearly eight percent more insureds,” said Jesse Slome, AALTCI’s executive director.
Smaller states recorded the greatest percentage growth compared to the prior year’s report. “The number of insured individuals in Alaska grew by nearly 130 percent,” said Slome. “Other smaller states like Wyoming (62%) and Vermont (48%) saw significant increases as well.”
Only Pennsylvania and Missouri saw year-to-year declines in the number of residents with coverage.
“Sales of long-term care insurance are increasing as more consumers recognize the importance and affordability of this protection,” Slome notes. “Many insurance agents are having their best years as prospects are seeking them out; something that has never occurred before.”