Some 350,000 Americans purchased long-term care protection in 2018, including both traditional long-term care insurance as well as combination products, according to a report released by the American Association for Long-Term Care Insurance (AALTCI).
"Individuals understand the consequences associated with living a long life which often include the need for long-term care," explains Jesse Slome, director of AALTCI. "Those who want to have a plan continue to see value in products which can pay for costs associated with needing that care."
According to the association, of the roughly 350,000 individuals who purchased coverage, roughly 16 percent opted for traditional health-based long-term care insurance.
"The trend to combination products continues and they can be a very viable option," Slome noted.