Approximately 8 million Americans have some form of long-term care insurance, according to the American Association for Long-Term Care Insurance.
The 10 states with the greatest number of residents who have traditional long-term care insurance policies, the AALTCI said, are:
- California (634,572)
- Texas (443,963)
- New York (408,354)
- Florida (341,816)
- Illinois (332,446)
- Pennsylvania (265,239)
- Virginia (246,281)
- Ohio (243,181)
- New Jersey (218,164)
- Minnesota (216,012)
The data, based on 2017 policyholders, come from the National Association of Insurance Commissioners annual study.
“Most of the states reported nominal declines in the number of individuals with coverage,” Slome said. “Only Kansas and Nevada reported year-over-year increases.”
The study focuses on traditional long-term care insurance plans, he said.
“Over the past few years, far more individuals have opted for linked-benefit plans that combine a life insurance or annuity policy with one that may also provide payouts for qualifying long-term care expenses,” Slome added.