Los Angeles, CA, April 06, 2017 --(PR.com
)-- The vast majority of individuals who purchased short-term care insurance protection in 2016 were over age 60 according to the industry study published today by the National Advisory Center for Short-Term Care Information.
"Nearly 93 percent of buyers were age 61 or older," reports Jesse Slome, director of the National Advisory Center for Short-Term Care Information (NACSTCi). "This is a product suited for seniors on Medicare or those who can't afford or health qualify for traditional long-term care insurance."
The organization reported findings as part of their second annual study of policy buyers. According to NACSTCi, the 2016 buyer data was obtained from six of the larger short-term care insurance companies.
Over half (57%) of the individuals who purchased short-term care insurance coverage last year were female according to the Advisory Center.
"Short-term care insurance is an affordable planning tool that can be especially valuable to older women who often are alone," Slome shares. "There are millions of American women who are alone after age 60 due to divorce or the death of their spouse or partner, and this is an affordable way for them to have some protection as part of their preparation for living a long life."
"This is a newer industry so the number of new claims opened is still relatively small, but clearly tens of thousands of Americans received a benefit in 2016 as a result of having purchased short-term care insurance," Slome notes.
In releasing the information to insurance agents via a nationalize call, Slome shared his prediction for continued growth for the industry. NACSTCi holds the First National Short-Term Care Insurance Summit next week. The conference, which takes place in Dallas, is running in conjunction with the American Association for Medicare Supplement Insurance's Ninth Medigap industry Summit.
To find out more about short-term care insurance visit the National Advisory Center for Short-Term Care Information's website at www.shorttermcareinsurance.org.