Many Baby Boomers Considering But Not Buying Long-Term Care Insurance

Although more of the nation's 76 million baby boomers -- who represent a "huge potential market" for long-term care as they age -- have begun to consider long-term care insurance, "most aren't rushing to buy," the AP/Columbus Dispatch reports. Long-term care insurers have sold only eight million policies to date, and the cost "remains a big obstacle" for many consumers, the AP/Dispatch reports. Premiums for long-term care insurance policies, which can include nursing home care, home health care, assisted living and hospice care, range from a few hundred dollars per year to thousands of dollars per year, based on the age of the purchaser and the amount of coverage in the policy. According to a Weiss Ratings study of 25,000 quotes from 35 long-term care insurers, a 55-year-old who purchases a comprehensive policy would have to pay a premium of $1,730 to $2,733 per year. In addition to cost concerns, many consumers cannot anticipate future health problems or "where fast-rising health care costs will end up" to determine the amount of coverage to purchase. Marilee Driscoll, head of the Long-Term Care Learning Institute in Plymouth, Mass., said, "It's one of the most complex insurance products people will buy. Prices vary dramatically among insurance companies. Contracts vary; health requirements vary. You really need a specialist to help you select the best coverage for you" (Alt Powell, AP/Columbus Dispatch, 6/30).