The number of individuals who purchase long term care insurance can vary depending on various factors such as age, income, and awareness about the importance of long term care planning. While I couldn't find an exact figure for the total number of people who buy long term care insurance, I can provide some insights and statistics on the topic.
According to a report by the American Association for Long-Term Care Insurance (AALTCI), in 2020, approximately 7.2 million Americans had long term care insurance policies. However, it's important to note that this number represents the total number of policies in force, not the number of individuals. Some individuals may have multiple policies, while others may have joint policies with their spouses or partners.
The demand for long term care insurance has been increasing over the years as people become more aware of the potential costs associated with long term care services. The cost of long term care can be significant, and long term care insurance can help individuals protect their assets and provide financial security in the event they require long term care services.
It's also worth mentioning that long term care insurance is not the only option available for individuals to finance their long term care needs. Other options include self-funding, relying on government programs like Medicaid, or using hybrid life insurance policies with long term care benefits.
In conclusion, while I couldn't find an exact figure for the number of individuals who purchase long term care insurance, it is a popular choice among individuals who want to protect their assets and ensure financial security in the event they require long term care services. The demand for long term care insurance has been increasing, and it is one of the options available for individuals to finance their long term care needs.
Note: The statistics provided are based on available data and may vary depending on the source and timeframe.