The number of long-term care insurance policies sold has doubled over the last five years to nearly six million according to a new survey on the private long-term care insurance market released today by the Health Insurance Association of America.
According to the report, the number of policies sold rose from about three million in 1992 to almost six million by June 1998. Furthermore, the long-term care insurance market has grown an average of 21 percent each year from 1987 to 1997.
The study also shows that private, long-term care coverage appeals in particular to middle-income Americans. The data shows the average household income for people purchasing long-term care insurance is about $35,000 per year.
The study can be found in its entirety in PDF format at http://membership.hiaa.org/pdfs/LTC9798.pdf
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