With advances in medical field and healthier living choices people are living longer. The aging population is increasing and growing number of families are experiencing first hand the advantages of having a Long Term Care Insurance policy. According to media reports the average age of people buying Long Term Care Insurance has changed from 72 in 1990s to almost 58 today. This is due to the growth of Long Term Care Insurance policies, lack of alternative plans which pay for long term care and increased family awareness about LTCI policies.

Growth of LTCI Policies
More than 10-15 years ago LTCI policies were sold as nursing home policies. Long term care insurance policies have evolved over the last few years. Consumers have a choice of comprehensive plans where they can not only choose the kind of care they want but also where to receive this care.  Today’s LTCI policies offer a wide variety of home care, assisted living care, adult day care or skilled nursing home care. Families are able to appreciate the option of their elderly staying in one’s own home and receive the long term care they need.

Fewer Alternative Choices
Medicare, Medicaid and Medigap do not pay for long term care for an extended period of time. Medicare, the Federal Health Insurance program pays only for short term skilled care such as specialized inpatient hospital stays for a limited time. Medicaid, a state based program supplemented by Federal Funds is a welfare program. You need to expend all but $2000 of your assets and meet your state’s poverty criteria to be eligible for Medicaid. The private supplemental health insurance policy which covers some of the costs that Medicare does not cover is Medigap.

Growing Consumer Awareness about LTCI
By 2030 the Baby Boom Generation reaches retirement and the senior citizens population will be nearly twice what it is today. Many families are witnessing the difficulties when aged parents and loved ones do not have a long term care insurance policy. The financial hardship a family can find itself when caring for aged parents and loved ones has forced many families to openly discuss long term care choices and long term care insurance.

Families who have members suffering from cognitive impairment resulting from Alzheimer’s disease are becoming aware of the importance of planning early for the care of their loved ones. More and more families with loved ones needing chronic care to help perform daily activities because of a disability or an ongoing illness are realizing the value of buying LTCI.

The desire to protect one’s life savings has encouraged families to have open discussions about planning for long term care. Involving the family in decisions regarding the purchase of LTCI allows the children to be aware of the benefits of LTCI and be prepared to handle a difficult situation in life. Children in 30s and 40s who are part of such decision making often buy a LTCI for themselves later on as they realize the value of it.