Private Long-Term Care Insurance: Tiny Vessel on a Turbulent Sea

Posted on 07/9/2013 by |AARP Blog Author | Comments

Public Policy InstituteThe cost of long-term care (LTC) is tremendous: nearly $84,000 annually for a nursing home and typically more than $30,000 a year for home care. Among people turning 65, more than two-thirds will eventually need LTC — services that are not covered by Medicare or private health insurance. Given this risk, you might expect sales of private long-term care insurance (LTCI) to be strong. But they’re not. Private LTCI was launched in the early 1980s, but only about 11 percent …