Sales of short term care insurance soared in the first half of the year according to a just released study by the American Association for Long Term Care Insurance’s new Consumer Advisory Center.
Los Angeles, CA, August 20, 2015 –(PR.com)– Sales of short-term care insurance increased for the first six months of 2015 according to a just released industry study. According to the National Advisory Center for Short Term Care Information, the number of new policies sold increased 71 percent and premium increased 54 percent.
“There is heightened interest for short-term care insurance policies among agents who recognize they meet the needs of individuals, especially those who cannot afford or health-qualify for traditional long-term care insurance,” explains Jesse Slome, director of the National Advisory Center. The new organization, established as part of the American Association for Long-Term Care Insurance, is working to increase awareness among both insurance professionals and consumers.
The first industry benchmark study conducted by the trade group collected sales and buyer data from nine leading insurers who market short-term care insurance policies. The insurers represent the majority of short-term care insurance policy sales. According to the study, some 30,725 policies were sold in 2014. “Insurers participating in the study reported 26,237 policies sold during the first six months of the year,” Slome notes.Short-term care insurance policies provide benefits for up to one year.
“Many of these products have simplified health underwriting which makes them ideal options for individuals with health issues,” Slome explains. Of the nine insurers participating, seven had policies that covered skilled nursing home care, eight covered home health care and six provided benefits for assisted living community care.
The National Advisory Center for Short Term Care Information was founded to create awareness among consumers and support insurance professionals who sell to individuals and groups. For more information, visit the organization’s website www.shorttermcareinsurance.org. For information on long-term care insurance visit the American Association for Long-Term Care Insurance’s website at www.aaltci.org.
American Association for Long-Term Care Insurance