Those With Higher Incomes, Twice As Likely to Have LTC Insurance

Despite the increasing need for long term care, only 1 in 10 Americans aged 55 and older had private long term care insurance in 2008 according to the a new report from the Urban Institute.

Most Americans will eventually need long-term care, which is often expensive and not usually covered by public programs until recipients have nearly exhausted their savings. In 2009, 5.2 million Americans age 65 and older not living in institutions had long-term care needs

Of those covered, those with incomes of more than $100,000 were twice as high.

Private insurance covered only 7 percent of the $240 billion in U.S. long-term care costs in 2009. Nearly a fifth were paid out of pocket.

View a copy of the report here.