The average age of people buying long-term care insurance benefits dropped below 60 for the first time after falling steadily for more than 10 years, a trade group said.
A study by the American Association for Long-Term Care Insurance showed that the average age of Americans buying insurance for home care and assisted living fell to 58 years old in 2007.
The average age has been on the decline. It’s down from an average of 61 years in 2005 and 69 years in 1995.The trend reflects a growing awareness of the importance of planning for health care and retirement, said Jesse Slome, executive director of the group.
More people have begun securing long-term care insurance in their 50s because that decade is “the sweet spot for long-term care planning,’’ when insurance costs are generally lower, Slome said. Insurers have also begun offering products that evolve coverage over time, a move that has attracted more baby boomers, he said.
About 8 million Americans now have long-term care benefits, according to the study. That’s up slightly from a year ago and about 60 percent higher than in 2000, when fewer than 5 million people had benefits for long-term care.
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