Millionaire Fact: Do affluent investors use long term care insurance?
DID YOU KNOW MOST AFFLUENT INVESTORS DO NOT OWN LONG-TERM HEALTH CARE INSURANCE?
As Americans get older and live longer, the need for long-term care is going to increase. But there is no rush to purchase long-term health care insurance, as the industry tries to find a way to make it affordable for the consumer and profitable for insurance companies.
Currently, 30 percent of Millionaire investors with a net worth between $1 million and $5 million own long-term care insurance, while only 26 percent of wealthier investors (those with more than $5 million of net worth) do so and only 22 percent of less-wealthy investors have made the purchase.
While approximately one-third of investors with a net worth below $5 million are considering long-term care insurance, the wealthier investors have less interest. Many of them believe they have other ways to pay for long-term care.