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The Gerontologist, Vol 33, Issue 1 105-113, Copyright © 1993 by The Gerontological Society of America

ARTICLES

New perspectives on the affordability of long-term care insurance and potential market size

MA Cohen, N Kumar and SS Wallack
LifePlans, Inc., Jerusalem, Israel.

A study of over 6,000 elderly long-term care insurance purchasers shows that the typical policy sold costs $102 per month, covers 5 years of nursing home care and pays $69 per day in benefits. Close to one-third of the purchasers have incomes less than $20,000, most (63%) use some savings to pay for premiums, 37% spend more than 5% of income on policies. Most nonpurchasers cited reasons unrelated to policy cost to explain why they did not buy a policy.


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