LONG-TERM CARE AND DISABILITY INSURANCE
Disability insurance and long-term care insurance address a persistent worry shared by many Americans regarding their financial security should they experience debilitating chronic health problems.
Our data shows that between 2007 and 2022, the percentage of Americans younger than 65 who have disability insurance slightly declined, with the most noticeable decline occurring between 2008 and 2010. Throughout the years, younger Americans were consistently more likely to have disability insurance than older Americans to have long-term care insurance. Tracking insurance coverage rates helps us understand who is most vulnerable to hardship and highlights where interventions are most needed.
Regardless of demographic characteristics, long-term care insurance rates among older Americans remained very low, except for married older Americans being slightly more likely to have long-term care insurance compared to unmarried older Americans. Among Americans younger than 65, however, being White, male, educated (esp. with a college degree), married, and having at least middle-high income is associated with a higher likelihood of having disability insurance. Of note, between 2007 and 2022, disability-insurance rates among younger Americans declined most noticeably among those with no college education and those in the low-middle income group.
EXPLORE THE DATA
Definition:
Percent of employed Americans under age 65 with insurance covering the event of disability, and percent of Americans age 65 and older who have long-term care insurance (excluding social security).
*To account for the fact that disability insurance is tied to participation in the workforce, people under 65 were asked about disability insurance, and people 65 and older were asked about long-term care insurance.*
Example:
Middle-aged people who have long-term care insurance but do not have insurance to compensate for loss of wages due to disability are not considered as having long-term care insurance in this benchmark.