As the legislature once again starts plowing through the latest attempt at homeowners' insurance issues, many lawmakers and consumers have pushed other vital types of insurance concerns to the side–and do so at their own peril. While those homeowners' premiums and deductibles seem large now, they are nothing compared to cost that individuals face when it comes to aging and health care.
You might call long-term-care coverage the Rodney Dangerfield, or the ugly stepchild, of the insurance industry. It gets no respect. After all, since companies began marketing the first policies in the 1970s, there have been predictions of rapid growth to match the aging of America's population. But so far, such pontifications have remained a far-off fantasy and there's no sign long-term care insurance will turn into a Cinderella story any time soon.
“While this insurance product has been available on the market for some time, to date it does not appear to be broadly used, or widely accepted, as a vehicle through which consumers can meet their long-term-care needs,” concluded a recent study by the Florida Office of Insurance Regulation. Befitting the industry's lack of popularity, the report received little notice when released with no fanfare last summer.
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