The evidence suggests that they are succeeding. More than 1.5 million policies have been sold to date, which is up from 815,000 in 1987. Some 130 companies now offer coverage, either as a separate policy or as a part of a life insurance contract. This is up from 75 companies in 1987. If home care coverage is sold as part of the policy, the dollar benefit is often half that for nursing home care.
Policies generally pay nursing home benefits for a minimum of one year.
Others will pay for as long as 10 years or for the rest of a policyholder's life. For policyholders who can afford to pay for several days or months of care from their own savings, a loner waiting period can mean a lower premium. Consumers often are given little choice. Instead, agents will make the selection for them, based on what that particular company wants to sell. A 65 year old who buys a long-term care policy today may not need it for 20 years.