AMID CHANGING INDUSTRY CONDITIONS, BANKERS LIFE AND CASUALTY COMPANY REMAINS COMMITTED TO THE LONG-TERM CARE MARKET
Monday, February 9, 2004
CHICAGO (September 2, 2004) -
Commenting on the recent departure from the long-term care
insurance market of Aegon and the recent spate of consolidations
among insurers, William B. Prouty, head of Bankers Life and
Casualty Company, says his company, which focuses exclusively on
the insurance needs of seniors, is in the market to stay.
Bankers, one of the largest and oldest
providers of long-term care insurance (LTCI) in the industry, sees
its role as a leader in championing LTCI as a common sense solution
to the escalating cost of long-term care. "There is no more
important component of the average person's long range financial
plan than long-term care insurance," said Prouty.
Soaring health care costs, the looming
retirement of a record 78 million Americans, increased life
expectancy, and the fear that Medicare and Medicaid will be
dangerously strained under the demands from the Baby Boom
generation, make LTCI a logical option for seniors who worry about
placing a burden on family. America's Health Insurance Plans
(formerly the Health Insurance Association of America) reports in
its 2003 publication, A Guide to LTC, that at least 40 percent of
the population age 65 will need nursing home care at some point in
their lifetimes. The same publication reports that the average cost
of care in a nursing home can be more than $50,000 annually and, in
some regions, can be double that amount.
This is an enormous financial burden,
and one that many seniors mistakenly believe will be covered by
Medicare. In fact, Medicare may not cover home health care, nursing
home care or the type of care one may need for a severe cognitive
impairment like Alzheimer's disease. Purchasers should look for
LTCI policies that cover home health care costs, adult day care and
assisted living, among other costs.
"Without appropriate financial
planning, seniors or their children may have to bear the burden for
their own long-term care costs, resulting in seniors using up their
lifetime savings or turning to family members for assistance," said
Prouty. "It is our mission to provide seniors with the assurance
that their healthcare needs are covered and their legacy will be
preserved."
Established in 1879 and headquartered
at the historic Merchandise Mart in downtown Chicago, Bankers Life
and Casualty Company focuses exclusively on the financial security
needs of seniors. The company offers a broad portfolio of health
and life insurance and retirement savings products designed
especially for seniors. These products are distributed through a
national network of professionally trained company agents. Visit us
online at www.bankers.com.
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