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Regular physical activity while you are awake can result in better sleep. According to a just reported study, individuals who participated and met national exercise guidelines reported less daytime fatigue and better sleep patterns than those who didn’t exercise.
While researchers note that the research doesn’t confirm that exercise directly leads to improved rest, the findings are mostly consistent with previous research, according to Jesse Slome, executive director of the American Association for Long Term Care Insurance which tracks health related issues pertinent to longevity matters.
Inadequate sleep has been linked to depression, cardiovascular disease and other health problems notes Slome. Increased risk of cardiovascular disease puts aging Americans at greater risk of needing benefits from their long-term care insurance Slome explains.
The researchers noted that hoping that a daily walk or jog will clear up sleep problems might be a bit too optimistic. More than one-third of U.S. adults have trouble falling asleep at night or staying alert during the day, according to background information in the study.
The new study by researchers at Oregon State University examined data from a U.S. health survey conducted from 2005 to 2006. The researchers focused on over 2,500 men and women between ages 18 to 85. They measured their activity levels and answered questions about sleep.
All study participants wore accelerometers, devices that measure physical activity for a one-week period.
The researchers adjusted their statistics so they wouldn’t be thrown off by unusually high or low numbers of people of certain ages, weight, health condition, smoking history or other factors. Participants met or exceeded national exercise guidelines by getting at least 150 minutes a week of moderate exercise or 75 minutes a week of vigorous exercise or a combination of both.
Those who met the guidelines were 65 percent less likely to report often feeling sleepy during the day compared to those who got less exercise. They were also 68 percent less likely to report sometimes having leg cramps and 45 percent less likely to report having trouble concentrating while tired.
Monday, December 24, 2012
Monday, December 17, 2012
Less Risk Of Alzheimer’s Found Among Fish Eaters
Adults who eat baked or broiled fish as little as once a week may lower their risk for mild cognitive impairment and Alzheimer’s disease.
According to research findings, eating non-fried fish that includes baked and broiled fish helps to preserve gray matter neurons. The scientists note that this strengthens the areas of the brain deemed critical to cognition and memory.
“Scientists report that people with larger brain volume the risk for Alzheimer’s and mild cognitive impairment went down with eating fish as little as one to four times a week. “We’re talking about just a half serving a day,” notes Jesse Slome, executive director of the American Association for Long Term Care Insurance. ”We would encourage millions of aging Americans to make a very small lifestyle change that can affect their risk of this terrible disease.”
The number of U.S. adults aged 65 years and older is projected to nearly double over the next two decades, Slome, head of the national long term care insurance trade organization explains. “As a result, the incidence of cognitive issues especially Alzheimer’s disease and other dementias is also expected to rise as will the need for costly long term care,” he adds. Alzheimer’s disease is the number one reason individuals with long term care insurance file claims.
More than 5 million Americans have Alzheimer’s disease the age-related disorder that slowly destroys memory and thinking. Older adults with mild cognitive impairment have less severe memory loss than those with Alzheimer’s but often go on to develop the disease.
The scientists found that those who ate baked or broiled fish had larger mass in the hippocampus, and orbital frontal cortex regions of their brains. This was regardless of age, gender, physical activity routines, and/or educational achievement, race or weight. No benefit was evident with respect to consumption of fried fish.
According to research findings, eating non-fried fish that includes baked and broiled fish helps to preserve gray matter neurons. The scientists note that this strengthens the areas of the brain deemed critical to cognition and memory.
“Scientists report that people with larger brain volume the risk for Alzheimer’s and mild cognitive impairment went down with eating fish as little as one to four times a week. “We’re talking about just a half serving a day,” notes Jesse Slome, executive director of the American Association for Long Term Care Insurance. ”We would encourage millions of aging Americans to make a very small lifestyle change that can affect their risk of this terrible disease.”
The number of U.S. adults aged 65 years and older is projected to nearly double over the next two decades, Slome, head of the national long term care insurance trade organization explains. “As a result, the incidence of cognitive issues especially Alzheimer’s disease and other dementias is also expected to rise as will the need for costly long term care,” he adds. Alzheimer’s disease is the number one reason individuals with long term care insurance file claims.
More than 5 million Americans have Alzheimer’s disease the age-related disorder that slowly destroys memory and thinking. Older adults with mild cognitive impairment have less severe memory loss than those with Alzheimer’s but often go on to develop the disease.
The scientists found that those who ate baked or broiled fish had larger mass in the hippocampus, and orbital frontal cortex regions of their brains. This was regardless of age, gender, physical activity routines, and/or educational achievement, race or weight. No benefit was evident with respect to consumption of fried fish.
Monday, December 10, 2012
Long Term Care Insurance And America’s “Oldest Old”
The increases in life expectancy at older ages has significantly changed over the past century. Today a person who reaches age 90 is expected to live on average another 4.6 years and those who pass the century mark are projected to live another 2.3 years.
“Americans are living long lives but few are prepared for the consequences that will significantly impact their spouses, family and loved ones,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the industry trade group. “Today there are almost two million Americans ages 90 and over and the number is projected to quadruple over the next few decades.”
Much of the growth will come from aging baby boomers. “Between 2020- and 2030, the growth of the population between ages 65 and 89 is projected to increase by 32 percent,” Slome explains. “America’s oldest old will place a great strain on the nation’s families and resources because many of them will require lengthy and very costly care.”
Three states already have over 100,000 residents age 90 or older according to the nation’s long term care insurance expert. “California has nearly 190,000, followed by Florida with 142,000 and New York with over 130,000,” Slome reports. Women age 90-plus outnumber men by nearly three to one.
“Older women can expect to live longer than men and have experienced more rapid improvements in life expectancy,” Slome notes. Over 80 percent of the 90-plus women are widowed, while more than 40 percent of the 90-plus men are still married.
Government data shows that the annual median personal income for people age 980 and over was $14,760 (in 2008 inflation-adjusted dollars). “The poverty rate for the 90-plus population is higher than that for those age 65 to 80,” Slome adds. “When older people need long term care which is common simply as a result of aging or age-related health conditions like Alzheimer’s disease, they are either going to turn to family members for support or to whatever government programs exist at the time.”
“For baby boomers who are in their 50s and 60s today, it is important to understand the likelihood and risks associated with living a long life,” Slome notes. “If you don’t want to depend on family or be forced to depend on Medicaid, one had better start thinking about this prior to retirement age when you have the most planning options available. Long term care insurance is going to be vital for America’s oldest old.”
“Americans are living long lives but few are prepared for the consequences that will significantly impact their spouses, family and loved ones,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the industry trade group. “Today there are almost two million Americans ages 90 and over and the number is projected to quadruple over the next few decades.”
Much of the growth will come from aging baby boomers. “Between 2020- and 2030, the growth of the population between ages 65 and 89 is projected to increase by 32 percent,” Slome explains. “America’s oldest old will place a great strain on the nation’s families and resources because many of them will require lengthy and very costly care.”
Three states already have over 100,000 residents age 90 or older according to the nation’s long term care insurance expert. “California has nearly 190,000, followed by Florida with 142,000 and New York with over 130,000,” Slome reports. Women age 90-plus outnumber men by nearly three to one.
“Older women can expect to live longer than men and have experienced more rapid improvements in life expectancy,” Slome notes. Over 80 percent of the 90-plus women are widowed, while more than 40 percent of the 90-plus men are still married.
Government data shows that the annual median personal income for people age 980 and over was $14,760 (in 2008 inflation-adjusted dollars). “The poverty rate for the 90-plus population is higher than that for those age 65 to 80,” Slome adds. “When older people need long term care which is common simply as a result of aging or age-related health conditions like Alzheimer’s disease, they are either going to turn to family members for support or to whatever government programs exist at the time.”
“For baby boomers who are in their 50s and 60s today, it is important to understand the likelihood and risks associated with living a long life,” Slome notes. “If you don’t want to depend on family or be forced to depend on Medicaid, one had better start thinking about this prior to retirement age when you have the most planning options available. Long term care insurance is going to be vital for America’s oldest old.”
Monday, December 3, 2012
Long Term Care Insurance Rate Increases Explained
Long term care insurance is one of the only products where prices are designed to remain the same for as much as 30 years. That’s not always possible according to a leading industry expert.
“I’d love to be paying the same for gasoline as I did 10 or 15 years ago but things change and the same is true with long term care insurance,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, an organization focused on creating heightened consumer understanding of the importance of planning. “No one likes to pay more for anything but when an insurer needs a rate increase they typically have to get state approval and, more important, it’s not a take it or leave it option for policyholders.”
Speaking to consumers, the long term care insurance industry expert explained that rates on policies priced 10 years ago are often facing rate increases. “Not every policy but most often those that include a five percent annual growth of benefits option,” Slome notes. “An insurer can not raise the payout five percent in today’s historically low interest rate environment so they offer consumers the opportunity to continue paying the same but have future benefits grow at say three percent.”
The biggest misperception when it comes to rate increases for long term care insurance is the belief that consumers have no option except to pay more. “That just is not the case, insurers voluntarily have decided to offer options to policyholders,” Slome acknowledges. “There is no law or government ruling that mandates it. It’s the right thing to do and while many can be skeptical, they are looking to do the right thing for those who bough policies.”
Citing data from the only study of policyholder action following a rate increase Slome points out that when faced with a 25 percent premium increase as part of the Federal long term care insurance program some 46.1 percent of policyholders made no change to their policy benefits and agreed to pay the higher amount. “Less that two percent dropped their coverage,” Slome admits, “and some took the opportunity to redesign their plan and ended up paying less than they were before.”
“I’d love to be paying the same for gasoline as I did 10 or 15 years ago but things change and the same is true with long term care insurance,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, an organization focused on creating heightened consumer understanding of the importance of planning. “No one likes to pay more for anything but when an insurer needs a rate increase they typically have to get state approval and, more important, it’s not a take it or leave it option for policyholders.”
Speaking to consumers, the long term care insurance industry expert explained that rates on policies priced 10 years ago are often facing rate increases. “Not every policy but most often those that include a five percent annual growth of benefits option,” Slome notes. “An insurer can not raise the payout five percent in today’s historically low interest rate environment so they offer consumers the opportunity to continue paying the same but have future benefits grow at say three percent.”
The biggest misperception when it comes to rate increases for long term care insurance is the belief that consumers have no option except to pay more. “That just is not the case, insurers voluntarily have decided to offer options to policyholders,” Slome acknowledges. “There is no law or government ruling that mandates it. It’s the right thing to do and while many can be skeptical, they are looking to do the right thing for those who bough policies.”
Citing data from the only study of policyholder action following a rate increase Slome points out that when faced with a 25 percent premium increase as part of the Federal long term care insurance program some 46.1 percent of policyholders made no change to their policy benefits and agreed to pay the higher amount. “Less that two percent dropped their coverage,” Slome admits, “and some took the opportunity to redesign their plan and ended up paying less than they were before.”
Monday, November 26, 2012
Long Term Care Insurance In Other Countries Examined
A number of countries have instituted long term care programs according to a review discussed by the director of the American Association for Long-Term Care Insurance.
According to Jesse Slome, executive director of the American Association for Long Term Care Insurance, a just published book, Universal Coverage of Long-Term Care in the United States, provides a look at the overall issue facing the country.
“Of particular interest were chapters dealing with how the issue has been and is being dealt with around the world,” Slome commented to a group of industry professionals yesterday. “There is a certain peace that comes from ignoring the world around you. It’s natural and today’s parsimonious political environment, it’s just too easy to say “enough” — what we are doing is just fine.”
Slome notes, despite the failure of the CLASS Act, which he ascribes to uninspired leadership, the long term care insurance expert says that “CLASS was an important building block that helped to make long-term care more prominent on the national agenda.”
“While it is unlikely that the United States with a history of private sector health financing will adopt a program similar to those already in place in other countries, reading how long term care is dealt with elsewhere provides historical perspective, factual data and valuable insight for anyone who has an interest in what will, I believe, be used to frame the discussion in the years to come,” the long term care insurance expert adds.
The authors lay out an interesting look at how various models have been shaped as much by politics and demographics as by societal factors such as family culture. “Of particular interest is the consideration of the changing demographic of working women in these countries,” Slome comments.
Demographics clearly drove the need to address the issue with Germany and Spain. Their population of persons age 65+ will increase from around 16 percent today to around 30 percent in 2040. In Japan more than 14 percent of the population will be 80+ in 2040 (double that of the US).
Germany’s universal LTC legislation passed in 1994 when 15.8 percent of its population was age 65 or older. Japan passed legislation in 1997, when its 65+ population was 15.7 percent. The proportion of US citizens 65+ was 13.0 percent in 2010 and is expected to be 19.8 percent in 2030.
“Germany and Japan adopted many LTC reform goals and policies consonant with their existing structures, funding arrangements, and cultures, and the US is likely to ultimately do the same at some point,” Slome predicts. “Americans are aging every day and few have a plan for dealing with the enormous risk of needing long term care that results from living a long life,” Slome explains. “Long term care insurance is a viable option for those who can health qualify and can afford a private option leaving everyone else to depend on family or whatever government programs exist.”
According to Jesse Slome, executive director of the American Association for Long Term Care Insurance, a just published book, Universal Coverage of Long-Term Care in the United States, provides a look at the overall issue facing the country.
“Of particular interest were chapters dealing with how the issue has been and is being dealt with around the world,” Slome commented to a group of industry professionals yesterday. “There is a certain peace that comes from ignoring the world around you. It’s natural and today’s parsimonious political environment, it’s just too easy to say “enough” — what we are doing is just fine.”
Slome notes, despite the failure of the CLASS Act, which he ascribes to uninspired leadership, the long term care insurance expert says that “CLASS was an important building block that helped to make long-term care more prominent on the national agenda.”
“While it is unlikely that the United States with a history of private sector health financing will adopt a program similar to those already in place in other countries, reading how long term care is dealt with elsewhere provides historical perspective, factual data and valuable insight for anyone who has an interest in what will, I believe, be used to frame the discussion in the years to come,” the long term care insurance expert adds.
The authors lay out an interesting look at how various models have been shaped as much by politics and demographics as by societal factors such as family culture. “Of particular interest is the consideration of the changing demographic of working women in these countries,” Slome comments.
Demographics clearly drove the need to address the issue with Germany and Spain. Their population of persons age 65+ will increase from around 16 percent today to around 30 percent in 2040. In Japan more than 14 percent of the population will be 80+ in 2040 (double that of the US).
Germany’s universal LTC legislation passed in 1994 when 15.8 percent of its population was age 65 or older. Japan passed legislation in 1997, when its 65+ population was 15.7 percent. The proportion of US citizens 65+ was 13.0 percent in 2010 and is expected to be 19.8 percent in 2030.
“Germany and Japan adopted many LTC reform goals and policies consonant with their existing structures, funding arrangements, and cultures, and the US is likely to ultimately do the same at some point,” Slome predicts. “Americans are aging every day and few have a plan for dealing with the enormous risk of needing long term care that results from living a long life,” Slome explains. “Long term care insurance is a viable option for those who can health qualify and can afford a private option leaving everyone else to depend on family or whatever government programs exist.”
Monday, November 19, 2012
Association Explains 1035 Exchanges For Long Term Care Insurance Purchase
Provisions of the Pension Protection Act which took effect in 2010 enable individuals to take advantage of a new means for tax-favored long term care insurance payments according to a report published today.
“A 1035 exchange defers the internal build up of gains associated with the life insurance or annuity policies that would be taxable events,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Using a 1035 exchange to purchase long term care insurance protection effectively ensures that the taxable gain disappears entirely.” While the Association does not offer tax or legal advice the organization has published information to help educate more consumers about the tax advantaged planning technique.
“Individuals with an existing life insurance or annuity policy with a gain may wish to look into the advantages of a 1035 exchange,” Slome explains. “Actually, a partial 1035 exchange is more common today,” the leading long term care insurance expert notes. This involves using the 1035 exchange to pay the annual long term care insurance premium.
“Because not all insurance companies accept 1035 exchanges and because insurance policies can vary significantly from one insurance company to another, we strongly suggest consumers work with a knowledgeable professional,” Slome advises. “You would hate to find out what you thought would be a tax free event actually is now taxable or that you are paying much more than you might have by selecting a different top-rated insurer.”
Under the new rules individuals can complete a “like-kind” exchange from an insurance or annuity policy directly to a qualified long-term care insurance policy. The new law stipulates that the long term care insurance policy must be a “tax qualified” policy as defined under IRC Section 7702B. “Today, the vast majority of policies meet these criteria,” Slome adds. The rules also stipulate that the annuity policy must be non-qualified annuity. These are generally defined as annuities purchased with after-tax funds.
“A 1035 exchange defers the internal build up of gains associated with the life insurance or annuity policies that would be taxable events,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Using a 1035 exchange to purchase long term care insurance protection effectively ensures that the taxable gain disappears entirely.” While the Association does not offer tax or legal advice the organization has published information to help educate more consumers about the tax advantaged planning technique.
“Individuals with an existing life insurance or annuity policy with a gain may wish to look into the advantages of a 1035 exchange,” Slome explains. “Actually, a partial 1035 exchange is more common today,” the leading long term care insurance expert notes. This involves using the 1035 exchange to pay the annual long term care insurance premium.
“Because not all insurance companies accept 1035 exchanges and because insurance policies can vary significantly from one insurance company to another, we strongly suggest consumers work with a knowledgeable professional,” Slome advises. “You would hate to find out what you thought would be a tax free event actually is now taxable or that you are paying much more than you might have by selecting a different top-rated insurer.”
Under the new rules individuals can complete a “like-kind” exchange from an insurance or annuity policy directly to a qualified long-term care insurance policy. The new law stipulates that the long term care insurance policy must be a “tax qualified” policy as defined under IRC Section 7702B. “Today, the vast majority of policies meet these criteria,” Slome adds. The rules also stipulate that the annuity policy must be non-qualified annuity. These are generally defined as annuities purchased with after-tax funds.
Monday, November 12, 2012
Long Term Care Insurance Policy Utilization Explained By Expert
Consumers hold many misconceptions about long term care insurance and one industry expert shared research into utilization of the relatively new form of protection.
“This is really the first generation of Americans who in large numbers are living long lives and who are finding themselves facing a very high risk of needing costly long term care,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. A leading long term care insurance expert was preparing to speak to a gathering of nearly 600 industry leaders gathering in Las Vegas for the 2012 Long Term Care Insurance Summit.
“Because it is still such a new area, it is important to educate consumers not just to the real risk they face but ways to plan and prepare,” Slome adds. “An important aspect is sharing information that directly addresses the questions consumers have.” One question pointed out by Slome is do people actually use their policies.
According to the data shared by Slome, a study published in the organization’s 2012 Sourcebook, reports that the average time elapsed between the purchase of long term care insurance and the time a claim was filed is 108 months or approximately nine years. “There are several important things individuals must keep in mind,” Slome notes. “People must health qualify for long term care insurance which is intended to keep costs lower for everyone but it also means one is not likely to need care in a relatively short period of time.”
In addition, the organization points out that typically the cost of insurance paid over a 10 year period will be far less than even one year of the cost of care. “You may pay $1,000 a year but you could have over $150,000 of claim benefits paid,” Slome acknowledged. “We never advise thinking of this in investment terms because the real value is not being a burden on your family and loved ones, but the dollars and cents do make sense.”
November is Long Term Care Awareness Month and the trade group urges individuals to take 10 minutes to learn more about the issue. The organization offers four excellent consumer guides that are available online addressing ways to plan for the long term care risk and providing information relevant for those who may want to consider long term care insurance.
“This is really the first generation of Americans who in large numbers are living long lives and who are finding themselves facing a very high risk of needing costly long term care,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. A leading long term care insurance expert was preparing to speak to a gathering of nearly 600 industry leaders gathering in Las Vegas for the 2012 Long Term Care Insurance Summit.
“Because it is still such a new area, it is important to educate consumers not just to the real risk they face but ways to plan and prepare,” Slome adds. “An important aspect is sharing information that directly addresses the questions consumers have.” One question pointed out by Slome is do people actually use their policies.
According to the data shared by Slome, a study published in the organization’s 2012 Sourcebook, reports that the average time elapsed between the purchase of long term care insurance and the time a claim was filed is 108 months or approximately nine years. “There are several important things individuals must keep in mind,” Slome notes. “People must health qualify for long term care insurance which is intended to keep costs lower for everyone but it also means one is not likely to need care in a relatively short period of time.”
In addition, the organization points out that typically the cost of insurance paid over a 10 year period will be far less than even one year of the cost of care. “You may pay $1,000 a year but you could have over $150,000 of claim benefits paid,” Slome acknowledged. “We never advise thinking of this in investment terms because the real value is not being a burden on your family and loved ones, but the dollars and cents do make sense.”
November is Long Term Care Awareness Month and the trade group urges individuals to take 10 minutes to learn more about the issue. The organization offers four excellent consumer guides that are available online addressing ways to plan for the long term care risk and providing information relevant for those who may want to consider long term care insurance.
Monday, November 5, 2012
Long Term Care Insurance – Nursing Home Stay Duration
Over one in four individuals age 85 plus who resides in a nursing home has been there for three years or longer according to a report published by the long term care insurance industry trade group. Some 16 percent of that age group has been there for three months or less.
“While most long term care takes place today in the home, people still want to prepare for what we refer to as the worst case scenario, which is a nursing home stay,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The organization publishes independently conducted research in their 2012 Long Term Care Insurance Sourcebook.
According to the data that reported the length of stay in a nursing home since admission, nearly a quarter (24.5%) of individuals under the age of 65 had been residents for three months or less. “About the same percentage (24.2%) had been there for between one and three years,” Slome notes. The study reports that 27.6 percent had been residing in the nursing home for three years or longer.
The study revealed compared those with stays of three years or more and found that 27.5 percent of women were residents longer, compared to 21.1 percent for men. “There’s no question that because women live longer lives, their risk of needing long term care services, which could take place in a skilled nursing home facility is greater,” Slome, one of the nation’s long term care insurance experts reports. “That is a reason we urge both women and men, but especially women, to do some long term care planning prior to reaching Medicare-qualification age.”
November is Long Term Care Awareness Month and the trade group urges individuals to take 10 minutes to learn more about the issue. The organization offers four excellent consumer guides that are available online addressing ways to plan for the long term care risk and providing information relevant for those who may want to consider long term care insurance. The guides can be accessed at http://www.aaltci.org/guides.
“While most long term care takes place today in the home, people still want to prepare for what we refer to as the worst case scenario, which is a nursing home stay,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The organization publishes independently conducted research in their 2012 Long Term Care Insurance Sourcebook.
According to the data that reported the length of stay in a nursing home since admission, nearly a quarter (24.5%) of individuals under the age of 65 had been residents for three months or less. “About the same percentage (24.2%) had been there for between one and three years,” Slome notes. The study reports that 27.6 percent had been residing in the nursing home for three years or longer.
The study revealed compared those with stays of three years or more and found that 27.5 percent of women were residents longer, compared to 21.1 percent for men. “There’s no question that because women live longer lives, their risk of needing long term care services, which could take place in a skilled nursing home facility is greater,” Slome, one of the nation’s long term care insurance experts reports. “That is a reason we urge both women and men, but especially women, to do some long term care planning prior to reaching Medicare-qualification age.”
November is Long Term Care Awareness Month and the trade group urges individuals to take 10 minutes to learn more about the issue. The organization offers four excellent consumer guides that are available online addressing ways to plan for the long term care risk and providing information relevant for those who may want to consider long term care insurance. The guides can be accessed at http://www.aaltci.org/guides.
Monday, October 29, 2012
Reduce Long Term Care Insurance Cost By Eight Percent
Some eight million Americans own long term care insurance currently and several hundred thousand new policies are issued each year according to an industry report.
“This is really the first generation of Americans to need and buy this important form of protection in large numbers,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Because it’s such a new topic, few people have the reservoir of knowledge that can help them understand ways to reduce the cost.” The leading industry expert was sharing planning information with consumers in conjunction with the upcoming Long Term Care Awareness Month.
According to Association studies, the cost for long term care insurance can vary significantly for virtually identical amounts of coverage. “Our annual Price Index has found an enormous variance from one insurer to another making it vital that consumers know ways to get the best protection for the best cost,” Slome explains. An important step is to ask the insurance professional whether he or she is appointed with just one insurer or appointed and able to sell coverage from multiple insurers. “Are they looking out for your best interest, or are they just promoting the only option they have available to sell you,” Slome adds.
One way to reduce the cost is to pay on an annual basis as compared to making monthly payments. ”Our studies have found that a 55-year-old who pays once a year will save eight percent versus someone who pays monthly,” Slome states. “While it means writing a bigger check, that 55-year old will save several hundred dollars a year.”
November has been declared National Long Term Care Awareness Month, an opportunity for individuals to learn more about this important topic. “We understand we are living longer than ever but few people have taken the time to think about ways to prevent outliving their savings after retirement,” Slome concludes. “If you don’t want to be a burden to your loved ones and family, take a few minutes in November to learn more about the risks and options available to you.”
“This is really the first generation of Americans to need and buy this important form of protection in large numbers,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Because it’s such a new topic, few people have the reservoir of knowledge that can help them understand ways to reduce the cost.” The leading industry expert was sharing planning information with consumers in conjunction with the upcoming Long Term Care Awareness Month.
According to Association studies, the cost for long term care insurance can vary significantly for virtually identical amounts of coverage. “Our annual Price Index has found an enormous variance from one insurer to another making it vital that consumers know ways to get the best protection for the best cost,” Slome explains. An important step is to ask the insurance professional whether he or she is appointed with just one insurer or appointed and able to sell coverage from multiple insurers. “Are they looking out for your best interest, or are they just promoting the only option they have available to sell you,” Slome adds.
One way to reduce the cost is to pay on an annual basis as compared to making monthly payments. ”Our studies have found that a 55-year-old who pays once a year will save eight percent versus someone who pays monthly,” Slome states. “While it means writing a bigger check, that 55-year old will save several hundred dollars a year.”
November has been declared National Long Term Care Awareness Month, an opportunity for individuals to learn more about this important topic. “We understand we are living longer than ever but few people have taken the time to think about ways to prevent outliving their savings after retirement,” Slome concludes. “If you don’t want to be a burden to your loved ones and family, take a few minutes in November to learn more about the risks and options available to you.”
Monday, October 22, 2012
Long Term Care Insurance Expert Discusses Alzheimer’s Life Expectancy
Some 5.4 million Americans are living with Alzheimer’s disease, approximately two-thirds are women according to the Long Term Care Insurance Almanac.
“Alzheimer’s disease care costs Americans roughly $200 billion a year is the leading cause for the most expensive long term care insurance claims,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The leading industry expert was sharing planning information with insurance professionals in conjunction with the upcoming Long Term Care Awareness Month.
The life span of people with Alzheimer’s disease depends greatly on the age of the person when Alzheimer’s disease is first diagnosed, Slome noted. “While the median survival of patients with Alzheimer’s disease could range from between eight-to-nine years for persons diagnosed at age 65 it decreases significantly to approximately 3 years for persons diagnosed at age 90 years,” Slome explained.
Researchers report that the median survival time for those diagnosed with Alzheimer’s ranged from 8.3 years for people diagnosed at age 65 to 3.4 years for people diagnosed at age 90. According to Slome’s analysis of scientific data, individuals diagnosed with Alzheimer’s disease at age 65 could anticipate a 67 percent reduction in life span compared to those without Alzheimer’s disease.
The researchers also reported that the average length of time between the onset of symptoms and the diagnosis of Alzheimer’s disease was 2.8 years. However, they did not find any significant differences between men and women in survival after diagnosis of the disease.
Experts predict that in the next 50 years, the prevalence of Alzheimer’s disease will quadruple with approximately 1 in 45 Americans living with the disease. ”It is vital for more Americans between ages 50 and 65 to become aware of the risk and to plan for this risk, including looking into long term care insurance,” Slome concludes.
“Alzheimer’s disease care costs Americans roughly $200 billion a year is the leading cause for the most expensive long term care insurance claims,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The leading industry expert was sharing planning information with insurance professionals in conjunction with the upcoming Long Term Care Awareness Month.
The life span of people with Alzheimer’s disease depends greatly on the age of the person when Alzheimer’s disease is first diagnosed, Slome noted. “While the median survival of patients with Alzheimer’s disease could range from between eight-to-nine years for persons diagnosed at age 65 it decreases significantly to approximately 3 years for persons diagnosed at age 90 years,” Slome explained.
Researchers report that the median survival time for those diagnosed with Alzheimer’s ranged from 8.3 years for people diagnosed at age 65 to 3.4 years for people diagnosed at age 90. According to Slome’s analysis of scientific data, individuals diagnosed with Alzheimer’s disease at age 65 could anticipate a 67 percent reduction in life span compared to those without Alzheimer’s disease.
The researchers also reported that the average length of time between the onset of symptoms and the diagnosis of Alzheimer’s disease was 2.8 years. However, they did not find any significant differences between men and women in survival after diagnosis of the disease.
Experts predict that in the next 50 years, the prevalence of Alzheimer’s disease will quadruple with approximately 1 in 45 Americans living with the disease. ”It is vital for more Americans between ages 50 and 65 to become aware of the risk and to plan for this risk, including looking into long term care insurance,” Slome concludes.
Monday, October 15, 2012
Long Term Care Insurance Is Option To Avoid Mandated Family Caregiving
Family caregivers provide the overwhelming percentage of personal care much of which is classified as long-term care according to the director of the American Association for Long-Term Care Insurance, the industry trade group.
“Some 42 million caregivers provide unpaid care to family and friends at any given time,” says Jesse Slome, AALTCI’s executive director. ”These are dedicated and loving adult children with aging parents and good neighbors who provide an estimated $450 billion in unpaid care but their generosity comes with a cost, often a very high cost in terms of disrupted lives.”
Studies have shown that although family caregivers providing long term care services usually undertake these required care services willingly, they often experience high levels of emotional, physical and financial stress. “Many are adult women who now have to juggle jobs and caring for their own families with their caregiving responsibilities,” Slome notes. “Many parents are turning their children into indentured servants, something they never intended.”
Speaking to insurance professionals in advance of November’s Long Term Care awareness Month, Slome urged discussions with focused on planning to avoid giving adult children with aging parents no other choice but to disrupt their lives to provide unpaid care.
“Long term care insurance today is a viable and can be an affordable option to prevent having to make your children care for you,” Slome stated. “But, the option is only available to those who apply at an age when they can still health qualify and far to many people who call our offices have acquired age-related health conditions that prevent them from meeting the acceptable requirements.”
The ideal ages to start a long term care plan is between ones mid-50s and mid-60s according to the AALTCI director. “We strong urge people to start planning prior to retirement and qualifying for Medicare,” Slome told the group. “Medicare comes with wonderful free health screens that many take advantage of, but those screens uncover conditions that impact a person’s ability to health qualify for coverage.”
“Some 42 million caregivers provide unpaid care to family and friends at any given time,” says Jesse Slome, AALTCI’s executive director. ”These are dedicated and loving adult children with aging parents and good neighbors who provide an estimated $450 billion in unpaid care but their generosity comes with a cost, often a very high cost in terms of disrupted lives.”
Studies have shown that although family caregivers providing long term care services usually undertake these required care services willingly, they often experience high levels of emotional, physical and financial stress. “Many are adult women who now have to juggle jobs and caring for their own families with their caregiving responsibilities,” Slome notes. “Many parents are turning their children into indentured servants, something they never intended.”
Speaking to insurance professionals in advance of November’s Long Term Care awareness Month, Slome urged discussions with focused on planning to avoid giving adult children with aging parents no other choice but to disrupt their lives to provide unpaid care.
“Long term care insurance today is a viable and can be an affordable option to prevent having to make your children care for you,” Slome stated. “But, the option is only available to those who apply at an age when they can still health qualify and far to many people who call our offices have acquired age-related health conditions that prevent them from meeting the acceptable requirements.”
The ideal ages to start a long term care plan is between ones mid-50s and mid-60s according to the AALTCI director. “We strong urge people to start planning prior to retirement and qualifying for Medicare,” Slome told the group. “Medicare comes with wonderful free health screens that many take advantage of, but those screens uncover conditions that impact a person’s ability to health qualify for coverage.”
Monday, October 8, 2012
Long Term Care Insurance Riders To Be Studied By Association
Over the past year, several large life insurance companies have unveiled new riders that provide benefits apparently similar to traditional long term care insurance.
“There are many ways Americans can plan for the eventual need for long term care and our role is to educate consumers about their choices and make it as easy as possible to pick the best one,” says Jesse Slome, executive director of the American Association for Long Term Care Insurance. The industry trade group supports insurance agents and financial professionals who market solutions to clients.
Life insurance policies that pay long term care benefits when a person meets qualifying conditions have existed for a number of years as have annuity contracts that offer this option. “Lately we are seeing riders to life insurance policies that appear to be the same but insurers offering them sometimes don’t have any long term care insurance experience so we want to make sure they are designed to really benefit consumers in the years to come,” Slome states. “Our philosophy is that an educated consumer prevents problems down the road both for their family as well as for the industry itself.”
The Association has announced an initiative designed to look into these newer riders and to help provide a balanced look that will benefit consumers. “There is no one single best solution that fits for every person,” Slome notes. “But financial products can be complex and we are getting an increasing number of calls from consumers who are concerned and want to know more.”
Some eight million Americans currently have some form of long term care insurance protection according to AALTCI. “We have a long way to go and much to do,” Slome concludes. “You have to start somewhere.”
“There are many ways Americans can plan for the eventual need for long term care and our role is to educate consumers about their choices and make it as easy as possible to pick the best one,” says Jesse Slome, executive director of the American Association for Long Term Care Insurance. The industry trade group supports insurance agents and financial professionals who market solutions to clients.
Life insurance policies that pay long term care benefits when a person meets qualifying conditions have existed for a number of years as have annuity contracts that offer this option. “Lately we are seeing riders to life insurance policies that appear to be the same but insurers offering them sometimes don’t have any long term care insurance experience so we want to make sure they are designed to really benefit consumers in the years to come,” Slome states. “Our philosophy is that an educated consumer prevents problems down the road both for their family as well as for the industry itself.”
The Association has announced an initiative designed to look into these newer riders and to help provide a balanced look that will benefit consumers. “There is no one single best solution that fits for every person,” Slome notes. “But financial products can be complex and we are getting an increasing number of calls from consumers who are concerned and want to know more.”
Some eight million Americans currently have some form of long term care insurance protection according to AALTCI. “We have a long way to go and much to do,” Slome concludes. “You have to start somewhere.”
Monday, October 1, 2012
Long Term Care Insurance Price Advantage For Women May Change
The cost for long term care insurance, important protection that is currently owned by millions of Americans, is the same for a single woman as it is for a single man.
“Insurance is protection against risks and those who face greater risks of claims typically pay more for coverage,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national trade organization. “We understand that car drivers with multiple accidents pay more for insurance than someone with an accident-free driving record.”
Speaking to a female insurance professionals yesterday, Slome urged the agents to speak to their female clients about the importance of long term care planning. “Women today are living longer lives and may will live well into their 80s, 90s and even past 100,” Slome explains. “When you live a long life, the likelihood of needing long term care is exponentially increased and yet so many women have no plan at all for dealing with this matter.”
Slome, who is author of the Women’s Guide to Long-Term Care Insurance, noted that women who own long term care insurance protection comprise about two thirds of newly opened claims in 2011. “The largest percentage of long term care insurance claims paid to women is for care in a home setting,” Slome adds. “People still associate long term care insurance with nursing home care and while it does cover that, the majority of benefits paid for home care or care in an assisted living community.”
The long term care insurance expert pointed out that women still enjoy a significant pricing advantage when purchasing long-term care insurance. “Single women pay the same for equal coverage as single men do, despite the fact that their utilization is so much greater,” Slome shared with the female insurance professionals. “But this is likely to change in the years ahead so now is the right time to urge planning.”
“Insurance is protection against risks and those who face greater risks of claims typically pay more for coverage,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national trade organization. “We understand that car drivers with multiple accidents pay more for insurance than someone with an accident-free driving record.”
Speaking to a female insurance professionals yesterday, Slome urged the agents to speak to their female clients about the importance of long term care planning. “Women today are living longer lives and may will live well into their 80s, 90s and even past 100,” Slome explains. “When you live a long life, the likelihood of needing long term care is exponentially increased and yet so many women have no plan at all for dealing with this matter.”
Slome, who is author of the Women’s Guide to Long-Term Care Insurance, noted that women who own long term care insurance protection comprise about two thirds of newly opened claims in 2011. “The largest percentage of long term care insurance claims paid to women is for care in a home setting,” Slome adds. “People still associate long term care insurance with nursing home care and while it does cover that, the majority of benefits paid for home care or care in an assisted living community.”
The long term care insurance expert pointed out that women still enjoy a significant pricing advantage when purchasing long-term care insurance. “Single women pay the same for equal coverage as single men do, despite the fact that their utilization is so much greater,” Slome shared with the female insurance professionals. “But this is likely to change in the years ahead so now is the right time to urge planning.”
Monday, September 24, 2012
Employers Face Changed Long Term Care Insurance Options
As the traditional open enrollment season for benefits commences, employers are facing new decisions regarding long term care insurance offerings.
“There is only one insurance company still offering true group long term care insurance to large employers looking to commence a new benefit offering and only one insurer who ceased selling new plans that will allow newly eligible employees to sign up,” explains Jesse Slome, director of the American Association for Long Term Care Insurance. “Larger employers who have previously offered a long term care insurance benefit to their employees have been forced to adopt a new and different approach to this important benefit.”
True group long term care insurance generally is available to larger employers, those with 500 or more employees. Policies typically offer some form of guaranteed health insurability or modified health underwriting standards. “In the current low interest rate environment the insurers like MetLife, CNA, Unum and Prudential who once offered true group coverage have ceased offering this option,” Slome notes. “The industry has shifted to ‘multilife’ policies which are individual policies offering a group discount and some underwriting concessions.”
“For this year’s open enrollment season, employers who have previously offered long term care insurance to their employees really have three options,” Slome says. “Don’t offer any coverage, offer coverage using multilife long term care insurance policies or recommend employees seek coverage on an individual basis.”
According to the Association, several long term care insurance companies offer coverage on a multilife basis. Slome notes that Genworth, Transamerica, MedAmerica and LifeSecure (a Blue Cross Blue Shield of Michigan subsidiary) currently offer multilife long term care insurance policies. “The discounts typically range from five to 15 percent off the regular pricing, depending on the size of the group and the health underwriting concessions offered to attract participation,” Slome states.
“There is only one insurance company still offering true group long term care insurance to large employers looking to commence a new benefit offering and only one insurer who ceased selling new plans that will allow newly eligible employees to sign up,” explains Jesse Slome, director of the American Association for Long Term Care Insurance. “Larger employers who have previously offered a long term care insurance benefit to their employees have been forced to adopt a new and different approach to this important benefit.”
True group long term care insurance generally is available to larger employers, those with 500 or more employees. Policies typically offer some form of guaranteed health insurability or modified health underwriting standards. “In the current low interest rate environment the insurers like MetLife, CNA, Unum and Prudential who once offered true group coverage have ceased offering this option,” Slome notes. “The industry has shifted to ‘multilife’ policies which are individual policies offering a group discount and some underwriting concessions.”
“For this year’s open enrollment season, employers who have previously offered long term care insurance to their employees really have three options,” Slome says. “Don’t offer any coverage, offer coverage using multilife long term care insurance policies or recommend employees seek coverage on an individual basis.”
According to the Association, several long term care insurance companies offer coverage on a multilife basis. Slome notes that Genworth, Transamerica, MedAmerica and LifeSecure (a Blue Cross Blue Shield of Michigan subsidiary) currently offer multilife long term care insurance policies. “The discounts typically range from five to 15 percent off the regular pricing, depending on the size of the group and the health underwriting concessions offered to attract participation,” Slome states.
Monday, September 17, 2012
Executive Urges Boomers To Help Aging Parents Avoid Falls
Every year about one out of three Americans over age 65 fall accounting for nearly 20,000 deaths and more than two million visits to the nation’s emergency rooms. The nation’s medical cost associated with falls by seniors is estimated to be nearly $30 billion.
“Falls also account for many of the 200,000 claims currently being paid by the nation’s long term care insurance companies,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the industry trade group. “Just as parents baby proof a house, adult children with parents over age 65 can take steps to fall proof their aging parents home which will prevent countless falls not to mention all the pain, suffering and cost.”
Indeed two new studies report that the number of falls can be reduced by roughly 30 percent and the number of people falling by about 20 percent. Researchers reported that exercise that contains multiple components such as strength and balance training can be helpful.
An additional study recently published by researchers at the University of Otago in Dunedin, New Zealand projected that with the right interventions; the number of falls could be much lower. Scientists looked at 159 studies with roughly 80,000 seniors who had been randomly assigned to a fall prevention program, a program not designed to decrease falls, or no intervention at all.
The researchers found that some interventions to treat vision problems, such as adjusting to new glasses, also increased the risk of falls. They also shared that exercise, including Tai Chi, effectively cut the risk of falling.
Slome, one of the nation’s leading long term care insurance experts, noted that home safety assessment and modification was essential. According to data from the Centers for Disease Control, nearly 38,000 Americans 65 and older are treated in ERs each year after tripping on a rug or a carpet. More than a third of the falls happen in the bathroom.
“If you have aging parents, help make their home fall safe by removing newspapers and books from the floor and stairs,” Slome advises. “Get rid of small rugs or tape them to the floor and have grab bars in the bathroom plus non-slip mats in the bathtub.”
“We get many calls from adults with aging parents hoping they can buy long term care insurance but this must be done while you can still health qualify,” Slome explains. “It’s too late for that but it’s not too late to help them live in a safer environment and we hope awareness motivates more consumers to act before an accident occurs.”
“Falls also account for many of the 200,000 claims currently being paid by the nation’s long term care insurance companies,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the industry trade group. “Just as parents baby proof a house, adult children with parents over age 65 can take steps to fall proof their aging parents home which will prevent countless falls not to mention all the pain, suffering and cost.”
Indeed two new studies report that the number of falls can be reduced by roughly 30 percent and the number of people falling by about 20 percent. Researchers reported that exercise that contains multiple components such as strength and balance training can be helpful.
An additional study recently published by researchers at the University of Otago in Dunedin, New Zealand projected that with the right interventions; the number of falls could be much lower. Scientists looked at 159 studies with roughly 80,000 seniors who had been randomly assigned to a fall prevention program, a program not designed to decrease falls, or no intervention at all.
The researchers found that some interventions to treat vision problems, such as adjusting to new glasses, also increased the risk of falls. They also shared that exercise, including Tai Chi, effectively cut the risk of falling.
Slome, one of the nation’s leading long term care insurance experts, noted that home safety assessment and modification was essential. According to data from the Centers for Disease Control, nearly 38,000 Americans 65 and older are treated in ERs each year after tripping on a rug or a carpet. More than a third of the falls happen in the bathroom.
“If you have aging parents, help make their home fall safe by removing newspapers and books from the floor and stairs,” Slome advises. “Get rid of small rugs or tape them to the floor and have grab bars in the bathroom plus non-slip mats in the bathtub.”
“We get many calls from adults with aging parents hoping they can buy long term care insurance but this must be done while you can still health qualify,” Slome explains. “It’s too late for that but it’s not too late to help them live in a safer environment and we hope awareness motivates more consumers to act before an accident occurs.”
Monday, September 10, 2012
For Boomers Exercise Lowers Long Term Care Risk
Baby boomers in their 50s have a lower risk of getting chronic diseases some of which can result in a need for extensive periods of long term care according to a new study conducted by the University of Texas Southwest.
“Nothing like a study to confirm what your mother always told you that exercise is good for you,” explains Jesse Slome, director of the American Association for Long Term Care Insurance. “We have millions of aging baby boomers who are couch potatoes and these folks face a risk of diseases and a higher rate of needing care.”
Physical activity has many proven benefits, Slome notes. “Insurers who offer long term care insurance require applicants to meet certain health standards before they are offered this important protection,” Slome notes. “Weight has an effect on the future risk of cardiovascular disease, bone health and even diseases like Alzheimer’s.”
The study from the University of Texas Southwestern Medical Center, located in Dallas, reveals that one can have a higher quality of life improving the way one ages. According to findings published in the Archives of Internal Medicine it is possible that fit people delay the onset of chronic illness. The director of the project is noted as saying they see reduced chronic disease, rather than just delaying the inevitable.’
Researchers studied over 18,000 healthy men and women, who had undergone a treadmill test sometime around age 50. Using Medicare claims data spanning an average of 26 years, the researchers then linked the treadmill results to the rate of eight chronic conditions, including heart disease, diabetes, Alzheimer’s disease and colon cancer.
They found that men falling into the lowest fifth of fitness scores, had chronic disease rates that were 28 percent per year. By contrast, the rate was only 16 percent per year among those men in the top fifth.
“When it comes to baby boomers applying for long term care insurance, if you have some weight or health issues it pays to find out which insurer will accept you prior to applying,” Slome recommends. “There can be variances between insurers and you want to avoid being declined coverage if it’s possible.”
“Nothing like a study to confirm what your mother always told you that exercise is good for you,” explains Jesse Slome, director of the American Association for Long Term Care Insurance. “We have millions of aging baby boomers who are couch potatoes and these folks face a risk of diseases and a higher rate of needing care.”
Physical activity has many proven benefits, Slome notes. “Insurers who offer long term care insurance require applicants to meet certain health standards before they are offered this important protection,” Slome notes. “Weight has an effect on the future risk of cardiovascular disease, bone health and even diseases like Alzheimer’s.”
The study from the University of Texas Southwestern Medical Center, located in Dallas, reveals that one can have a higher quality of life improving the way one ages. According to findings published in the Archives of Internal Medicine it is possible that fit people delay the onset of chronic illness. The director of the project is noted as saying they see reduced chronic disease, rather than just delaying the inevitable.’
Researchers studied over 18,000 healthy men and women, who had undergone a treadmill test sometime around age 50. Using Medicare claims data spanning an average of 26 years, the researchers then linked the treadmill results to the rate of eight chronic conditions, including heart disease, diabetes, Alzheimer’s disease and colon cancer.
They found that men falling into the lowest fifth of fitness scores, had chronic disease rates that were 28 percent per year. By contrast, the rate was only 16 percent per year among those men in the top fifth.
“When it comes to baby boomers applying for long term care insurance, if you have some weight or health issues it pays to find out which insurer will accept you prior to applying,” Slome recommends. “There can be variances between insurers and you want to avoid being declined coverage if it’s possible.”
Monday, September 3, 2012
Newer Long Term Care Insurance Inflation Options Gain Favor
Over 330,000 individuals purchased long term care insurance last year and an increasing percentage opted for newer options that increase the future value of their coverage.
According a study of new buyers conducted annually by the American Association for Long-Term Care Insurance a growing percentage are choosing newer growth options including one that increases benefits by three percent annually. “You want your coverage to grow to keep pace with anticipated increased costs over time,” explains Jesse Slome, executive director of the national trade organization.
Historically, the most popular option increased future benefits by five percent, Slome notes. “Today, three percent is becoming the new five percent because consumers are finding it a far more affordable and therefore attractive option.” The long term care insurance expert explains that costs for coverage and benefit increase options are closely tied to interest rates. “With interest rates at near zero with no one predicting any change in the next few years, how can you increase benefits at five percent and keep the premiums affordable?” Slome asks. “As a result, newer options which benefit consumers are being offered.”
The Association study found that 23.5 percent of new buyers opted for the three percent compound growth option in 2011 up from 16.7 percent during the prior year. The percentage of those selecting the old-style five percent growth option declined from 42.8 percent to nearly 34 percent.
The need to plan for the eventual risk of needing long term care is vital for individuals over age 50 according to Slome. “We tell people the risk they will need care is either zero percent or 100 percent and the question is, do you have a plan in place?” Not all those who want to purchase insurance can do so according to the Association. “You must be able to health qualify for this coverage and you must be able to afford the premiums,” Slome concludes. “The newer options now available make it much more affordable for many more people who recognize the risk they face and want to prepare.”
According a study of new buyers conducted annually by the American Association for Long-Term Care Insurance a growing percentage are choosing newer growth options including one that increases benefits by three percent annually. “You want your coverage to grow to keep pace with anticipated increased costs over time,” explains Jesse Slome, executive director of the national trade organization.
Historically, the most popular option increased future benefits by five percent, Slome notes. “Today, three percent is becoming the new five percent because consumers are finding it a far more affordable and therefore attractive option.” The long term care insurance expert explains that costs for coverage and benefit increase options are closely tied to interest rates. “With interest rates at near zero with no one predicting any change in the next few years, how can you increase benefits at five percent and keep the premiums affordable?” Slome asks. “As a result, newer options which benefit consumers are being offered.”
The Association study found that 23.5 percent of new buyers opted for the three percent compound growth option in 2011 up from 16.7 percent during the prior year. The percentage of those selecting the old-style five percent growth option declined from 42.8 percent to nearly 34 percent.
The need to plan for the eventual risk of needing long term care is vital for individuals over age 50 according to Slome. “We tell people the risk they will need care is either zero percent or 100 percent and the question is, do you have a plan in place?” Not all those who want to purchase insurance can do so according to the Association. “You must be able to health qualify for this coverage and you must be able to afford the premiums,” Slome concludes. “The newer options now available make it much more affordable for many more people who recognize the risk they face and want to prepare.”
Monday, August 27, 2012
Long Term Care Insurance For 85-Year Olds
A single man or woman applying for long term care insurance at age 85 can expect to pay around $11,000 a year for an average plan of coverage a new report reveals.
“Almost every day we hear from someone who is 85 looking for long term care insurance,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “The vast majority wait until the need for care is imminent and at that point it is too late.”
Few long term care insurance companies will offer coverage to individuals past age 80 according to the Association. “People with a need for care want to coverage but they can not meet the health requirements and applications were just a waste of time and cost for the insurers,” Slome notes.
According to the Association’s examination of long term care insurers offering coverage to those over age 80, a single individual who could meet the health qualifications could expect to pay around $11,000 per year for a policy that would pay around $164,000 in benefits. The cost for a couple would be between $20,000 and $22,000-per-year combined for that level of coverage for each.
The average age for individual applicants today is 57 according to Slome one of the nation’s leading long term care insurance experts. “We advise individuals that the sweet spot to look into this protection is between ages 52 and 64,” Slome says. “Do it before you go on Medicare and start to partake in the various free health exams which are wonderful but can uncover health issues that preclude you from qualifying for long term care insurance.”
While few insurance companies today will accept applicants after age 80, Slome counsels consumers to always get a comparison quote. “There is a whole lot more than price involved,” he notes. “Some policies limit your ability to receive paid for care in your own home which is a reason many people obtain this coverage in the first place.”
“Almost every day we hear from someone who is 85 looking for long term care insurance,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “The vast majority wait until the need for care is imminent and at that point it is too late.”
Few long term care insurance companies will offer coverage to individuals past age 80 according to the Association. “People with a need for care want to coverage but they can not meet the health requirements and applications were just a waste of time and cost for the insurers,” Slome notes.
According to the Association’s examination of long term care insurers offering coverage to those over age 80, a single individual who could meet the health qualifications could expect to pay around $11,000 per year for a policy that would pay around $164,000 in benefits. The cost for a couple would be between $20,000 and $22,000-per-year combined for that level of coverage for each.
The average age for individual applicants today is 57 according to Slome one of the nation’s leading long term care insurance experts. “We advise individuals that the sweet spot to look into this protection is between ages 52 and 64,” Slome says. “Do it before you go on Medicare and start to partake in the various free health exams which are wonderful but can uncover health issues that preclude you from qualifying for long term care insurance.”
While few insurance companies today will accept applicants after age 80, Slome counsels consumers to always get a comparison quote. “There is a whole lot more than price involved,” he notes. “Some policies limit your ability to receive paid for care in your own home which is a reason many people obtain this coverage in the first place.”
Monday, August 20, 2012
Long Term Care Insurance Video For Women
Long term care planning is especially important for women who live alone declares one of the nation’s long term care insurance experts. For the present they also benefit from some unique savings opportunities.
“Long term care is a woman’s issue,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Women provide the majority of unpaid informal care and they also have the greatest need for caring Americans that are going to need care.”
According to Slome women living alone have a particular reason to do planning and to consider long-term care insurance if they can afford the coverage and meet the health qualifications required today by insurers. “There is specific information that women who are single, divorced or widowed need to know about the issue,” Slome explains.
To assist women interested in learning more the organization has just posted a new five-minute educational video. The newest video just added to the organization’s online library is called Long Term Care Insurance Women and is specifically designed to touch on the most important facts. “We want women to understand the important basics before they begin even considering next steps,” Slome says. Long term care insurance women-the one fact for women
Members of the national trade association are offering free education and no-obligation long term care insurance quotes for policies from leading insurance companies. “We have members in all states committed to helping individuals,” Slome explains.
“Long term care is a woman’s issue,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Women provide the majority of unpaid informal care and they also have the greatest need for caring Americans that are going to need care.”
According to Slome women living alone have a particular reason to do planning and to consider long-term care insurance if they can afford the coverage and meet the health qualifications required today by insurers. “There is specific information that women who are single, divorced or widowed need to know about the issue,” Slome explains.
To assist women interested in learning more the organization has just posted a new five-minute educational video. The newest video just added to the organization’s online library is called Long Term Care Insurance Women and is specifically designed to touch on the most important facts. “We want women to understand the important basics before they begin even considering next steps,” Slome says. Long term care insurance women-the one fact for women
Members of the national trade association are offering free education and no-obligation long term care insurance quotes for policies from leading insurance companies. “We have members in all states committed to helping individuals,” Slome explains.
Monday, August 13, 2012
Diabetes Reduction Study Applauded By Long Term Care Insurance Director
Individuals with diabetes who increase their level of exercise and physical activity can lower their risk of premature death according to a study released by German researchers. “We applaud the study because Americans are already experiencing a health crisis and the problem is only going to get worse,” shares Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade organization that studies health and medical trends that impact the needs of older Americans.
“People incorrectly assume that everyone can purchase long term care insurance, but that is just not true,” Slome shared with consumers this week. “Diabetes is one of the conditions that will prevent you from health qualifying with most insurance companies clearly because it is a leading reason people will need costly long-term care.”
The German study involved over 5,500 individuals with diabetes. Scientists reported that those individuals who maintained moderate levels of physical activity had the lowest risk of death. A second study cited by Slome found that weight training without any aerobic activity can help prevent Type 2 diabetes. The study of 32,000 men drew the conclusion that by increasing muscle mass and improving insulin sensitivity, the study participants benefited.
Approximately 20 percent of those individuals who apply for long term care insurance are declined for health reasons according to Association study. “The percentage of declined applicants increases for older applicants,” Slome notes. “We advise individuals to look into their long term care planning options prior to reaching age 65 when they qualify for Medicare.”
According to the study’s group of participating men those who engaged in aerobic exercise for up to one hour weekly reduced their risk of type 2 diabetes by seven percent. Between one hour and 150 minutes of aerobics reduced risk by 31 percent, and those who performed at least 150 minutes of aerobic exercise reduced their risk by 52 percent. “We need to encourage much more awareness of what it takes to live a long and healthy life,” Slome concluded, “and then how to plan for living into your 90s and beyond.”
“People incorrectly assume that everyone can purchase long term care insurance, but that is just not true,” Slome shared with consumers this week. “Diabetes is one of the conditions that will prevent you from health qualifying with most insurance companies clearly because it is a leading reason people will need costly long-term care.”
The German study involved over 5,500 individuals with diabetes. Scientists reported that those individuals who maintained moderate levels of physical activity had the lowest risk of death. A second study cited by Slome found that weight training without any aerobic activity can help prevent Type 2 diabetes. The study of 32,000 men drew the conclusion that by increasing muscle mass and improving insulin sensitivity, the study participants benefited.
Approximately 20 percent of those individuals who apply for long term care insurance are declined for health reasons according to Association study. “The percentage of declined applicants increases for older applicants,” Slome notes. “We advise individuals to look into their long term care planning options prior to reaching age 65 when they qualify for Medicare.”
According to the study’s group of participating men those who engaged in aerobic exercise for up to one hour weekly reduced their risk of type 2 diabetes by seven percent. Between one hour and 150 minutes of aerobics reduced risk by 31 percent, and those who performed at least 150 minutes of aerobic exercise reduced their risk by 52 percent. “We need to encourage much more awareness of what it takes to live a long and healthy life,” Slome concluded, “and then how to plan for living into your 90s and beyond.”
Monday, July 30, 2012
Long Term Care Insurance Buyers Go For Savings
A growing percentage of consumers are selecting options that make long term care insurance protection more affordable
According to a just-published report from the American Association for Long-Term Care Insurance, the national organization that advocates for long term care insurance planning for individuals, some 23.5 percent of new individual buyers opted for a three percent annual growth of benefits. The percentage of buyers in 2010 selecting this option was 16.7 percent.
“The inflation growth option increases your benefit each year but it can dramatically add to the cost of insurance protection,” explains Jesse Slome, executive director of the trade group. “If a long term care insurance company is going to increase the value of your benefits by five percent each year, they have to invest the premiums to get that type of return something that’s really no longer possible today.”
The trade group director explains that for every half-to-one percent decrease in investment return an insurer needs to charge 10-to-15 percent in higher premiums. “That’s why the five percent inflation option has become costly and more people are selecting a three percent growth option,” Slome says. “Three percent is the new five percent when it comes to long term care insurance.
The percentage of those individuals purchasing a policy with the five percent growth option declined compared to the prior year. “Once you explain the connection between investment return and the cost of increasing benefits by five percent people understand and make a choice to reduce their cost,” Slome concludes. “It’s important protection that people want, but they also want to keep the costs as affordable as possible.
The Association report is based on their annual study of over 150,000 new individual buyers with data published in their 2012-2013 Long Term Care Insurance Sourcebook.
Based in Los Angeles, the American Association for Long-Term Care Insurance is the national trade organization with the mission of educating Americans about the importance of planning for the risk of long term care.
According to a just-published report from the American Association for Long-Term Care Insurance, the national organization that advocates for long term care insurance planning for individuals, some 23.5 percent of new individual buyers opted for a three percent annual growth of benefits. The percentage of buyers in 2010 selecting this option was 16.7 percent.
“The inflation growth option increases your benefit each year but it can dramatically add to the cost of insurance protection,” explains Jesse Slome, executive director of the trade group. “If a long term care insurance company is going to increase the value of your benefits by five percent each year, they have to invest the premiums to get that type of return something that’s really no longer possible today.”
The trade group director explains that for every half-to-one percent decrease in investment return an insurer needs to charge 10-to-15 percent in higher premiums. “That’s why the five percent inflation option has become costly and more people are selecting a three percent growth option,” Slome says. “Three percent is the new five percent when it comes to long term care insurance.
The percentage of those individuals purchasing a policy with the five percent growth option declined compared to the prior year. “Once you explain the connection between investment return and the cost of increasing benefits by five percent people understand and make a choice to reduce their cost,” Slome concludes. “It’s important protection that people want, but they also want to keep the costs as affordable as possible.
The Association report is based on their annual study of over 150,000 new individual buyers with data published in their 2012-2013 Long Term Care Insurance Sourcebook.
Based in Los Angeles, the American Association for Long-Term Care Insurance is the national trade organization with the mission of educating Americans about the importance of planning for the risk of long term care.
Monday, July 23, 2012
Alzheimer’s Disease Is Top Long Term Care Insurance Claim
Slightly over one in four nursing home claims paid for by long term care insurance are the result of Alzheimer’s disease according to a report issued today.
According to the Alzheimer’s Association some 5.4 million Americans are living with the disease and one in eight older Americans has the disease. “Americans will pay an estimated $200 billion for care received by individuals with Alzheimer’s, explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Long term care insurance is increasingly being used to pay for care and Alzheimer’s is the top cause of claims for those in nursing homes. Last year long term care insurers paid out $6.6 billion in claims to over 200,000 Americans.”
Data from the Alzheimer’s Association notes that Medicare and Medicaid pay for about $140 billion of the costs and project that costs are expected to grow to a projected $1.1 trillion in today’s dollars by 2050. Their website notes the dramatic rise includes a 500 percent increase in combined Medicare and Medicaid spending.
“The rate of spending is unsustainable,” declares Slome. “We explain to individuals that if they are concerned about the future ability of federal and state government programs to pay for costs, that they need to do some personal planning, including look at long term care insurance as a way to avoid dependence on whatever meager programs will exist at the point in time they need care.”
Alzheimer’s ranks as the sixth-leading cause of death in the United States. It is the only condition among the top-10 killers that can not be prevented, cured or even slowed.
“Frankly, I believe the future is scary in terms of how a nation will deal with the tens of millions of aging Baby Boomers who will live into their 80s and 90s the age when Alzheimer’s is most likely to occur,” Slome adds. “Most individuals have not given this any thought let alone done any preparation. It is the equivalent of failing to arrive at retirement age without a plan in place, you place your future into the hands of others.”
According to the Association’s national cost of care study, one year in a nursing home costs $85,045 for a private room and $76,285 for a semi-private room. “That’s the cost today but it’s only going to grow each year,” Slome concludes. “A failure to plan is definitely a plan for failure.”
According to the Alzheimer’s Association some 5.4 million Americans are living with the disease and one in eight older Americans has the disease. “Americans will pay an estimated $200 billion for care received by individuals with Alzheimer’s, explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Long term care insurance is increasingly being used to pay for care and Alzheimer’s is the top cause of claims for those in nursing homes. Last year long term care insurers paid out $6.6 billion in claims to over 200,000 Americans.”
Data from the Alzheimer’s Association notes that Medicare and Medicaid pay for about $140 billion of the costs and project that costs are expected to grow to a projected $1.1 trillion in today’s dollars by 2050. Their website notes the dramatic rise includes a 500 percent increase in combined Medicare and Medicaid spending.
“The rate of spending is unsustainable,” declares Slome. “We explain to individuals that if they are concerned about the future ability of federal and state government programs to pay for costs, that they need to do some personal planning, including look at long term care insurance as a way to avoid dependence on whatever meager programs will exist at the point in time they need care.”
Alzheimer’s ranks as the sixth-leading cause of death in the United States. It is the only condition among the top-10 killers that can not be prevented, cured or even slowed.
“Frankly, I believe the future is scary in terms of how a nation will deal with the tens of millions of aging Baby Boomers who will live into their 80s and 90s the age when Alzheimer’s is most likely to occur,” Slome adds. “Most individuals have not given this any thought let alone done any preparation. It is the equivalent of failing to arrive at retirement age without a plan in place, you place your future into the hands of others.”
According to the Association’s national cost of care study, one year in a nursing home costs $85,045 for a private room and $76,285 for a semi-private room. “That’s the cost today but it’s only going to grow each year,” Slome concludes. “A failure to plan is definitely a plan for failure.”
Monday, July 16, 2012
Home Health Care Costs Remain Level Reports Association
The average national hourly rate for a home health care aide was $21 according to the latest study by the American Association for Long Term Care Insurance. The national average hourly rate for homemaker or companion services was $19.
“Rates for home health care have remained relatively stable over the past few years,” explains Jesse Slome, executive director of the organization that represents several thousand long term care insurance professionals. “However, costs can vary significantly from one market to another and even among service providers within a particular locale.”
Home care service costs compiled by the Association have been published in the 2012 Long Term Care Insurance Sourcebook dramatize the spread. Boston had the highest hourly rate reported for a home health aide ($39) while Dallas / Fort Worth reported the lowest ($12).
According to the Association, half (50.0%) of all new long-term care insurance claims opened during 2011 began with the policyholder receiving care at home. Less than one-third of new claims began with the recipient receiving care in a nursing home the Association reports.
“Long-term care insurance has really become nursing home avoidance protection,” Slome explains. “Today, people purchase this important protection in order to receive care in their own home for as long as possible. When costs remain stable, people are able to purchase more affordable levels of insurance coverage that will pay for longer periods of time.”
The following is a sampling of home health aide hourly rates from the Association’s 2012-2013 Long Term Care Insurance Sourcebook provided free of charge to the organization’s members.
Average Low High
Atlanta, GA $21 $16 $24
Boston, MA $27 $21 $39
Chicago, IL $23 $16 $30
Los Angeles, CA $21 $14 $28
New York, NY $20 $16 $23
Seattle, WA $24 $20 $28
“Rates for home health care have remained relatively stable over the past few years,” explains Jesse Slome, executive director of the organization that represents several thousand long term care insurance professionals. “However, costs can vary significantly from one market to another and even among service providers within a particular locale.”
Home care service costs compiled by the Association have been published in the 2012 Long Term Care Insurance Sourcebook dramatize the spread. Boston had the highest hourly rate reported for a home health aide ($39) while Dallas / Fort Worth reported the lowest ($12).
According to the Association, half (50.0%) of all new long-term care insurance claims opened during 2011 began with the policyholder receiving care at home. Less than one-third of new claims began with the recipient receiving care in a nursing home the Association reports.
“Long-term care insurance has really become nursing home avoidance protection,” Slome explains. “Today, people purchase this important protection in order to receive care in their own home for as long as possible. When costs remain stable, people are able to purchase more affordable levels of insurance coverage that will pay for longer periods of time.”
The following is a sampling of home health aide hourly rates from the Association’s 2012-2013 Long Term Care Insurance Sourcebook provided free of charge to the organization’s members.
Average Low High
Atlanta, GA $21 $16 $24
Boston, MA $27 $21 $39
Chicago, IL $23 $16 $30
Los Angeles, CA $21 $14 $28
New York, NY $20 $16 $23
Seattle, WA $24 $20 $28
Monday, June 4, 2012
The Most Important Things To Know
If you are thinking about long-term care insurance, here are the most important things to know:
1. You must health-qualify for long-term care insurance. Not everyone can. Because health changes, especially as you grow older, it's smart to look into this well before you reach retirement age (your 50s are generally the best time to start).
2. Long-term care insurance can be far more affordable than most people think. Cost is an issue; so you need to know there are many ways to make this protection affordable.
3. Rates (Premiums) can vary significantly from one insurer to another. Each insurer has pricing "sweet spots" based on your age when applying. Available discounts and options can vary too. It's a reason to work with someone with access to policies from multiple insurers.
4. Health qualifications can also vary from one insurer to another. If you're in great health, don't use tobacco products, take no medications -- then every insurer will accept you. Each insurer sets their own health-qualifications and they change from time to time. Be prepared to share information with an insurance professional. You want them matching you with the company offering the best protection for the best price.
5. You're only going to buy long-term care insurance once. Deciding to buy long-term care insurance is a financial and emotional decision. But, it's different than buying car or home insurance, which people switch from time to time. It's almost never economically advantageous to switch (primarily because costs are based on your age at application). Many people sell long-term care insurance. Make sure you work with someone who really knows this business. It will save you money and yield benefits for many years to come.
1. You must health-qualify for long-term care insurance. Not everyone can. Because health changes, especially as you grow older, it's smart to look into this well before you reach retirement age (your 50s are generally the best time to start).
2. Long-term care insurance can be far more affordable than most people think. Cost is an issue; so you need to know there are many ways to make this protection affordable.
3. Rates (Premiums) can vary significantly from one insurer to another. Each insurer has pricing "sweet spots" based on your age when applying. Available discounts and options can vary too. It's a reason to work with someone with access to policies from multiple insurers.
4. Health qualifications can also vary from one insurer to another. If you're in great health, don't use tobacco products, take no medications -- then every insurer will accept you. Each insurer sets their own health-qualifications and they change from time to time. Be prepared to share information with an insurance professional. You want them matching you with the company offering the best protection for the best price.
5. You're only going to buy long-term care insurance once. Deciding to buy long-term care insurance is a financial and emotional decision. But, it's different than buying car or home insurance, which people switch from time to time. It's almost never economically advantageous to switch (primarily because costs are based on your age at application). Many people sell long-term care insurance. Make sure you work with someone who really knows this business. It will save you money and yield benefits for many years to come.
Monday, April 30, 2012
How do the new long-term care partnership plans differ from other Long Term Care insurance plans?
About 30 states have adopted Long-Term Care Insurance Partnership plans and others will undoubted do so. We will post a fuller explanation of the significant benefits these plans offer. But they are basically the same long-term care insurance policy ... just "New and Improved" with a very special added benefit; the State-provided additional asset protection feature. We'll post more on this Website shortly.
Monday, April 23, 2012
Useful Tips
Useful Tips:
Long-term care planning must be personal. There is no one right way to plan for long-term care. Evaluate your options with a critical eye. Long-term care is not just a financial risk but is also an emotional issue that touches deeply held values. Become educated about long-term care. Talk to friends and family about their experiences as caregivers and the different ways they paid for services. Ask questions if you're confused. Don’t sign anything until you have an answer to all your questions. Aside from research, the most important safety tool is simple common sense. Don’t allow yourself to be pressured and don’t rush into anything. Work with experienced advisors that you trust. There is a lot of help available through consumer organizations, books you can read, and websites with detailed information. Let someone else do the hard work. Do not hesitate to seek professional help for legal, tax, and insurance issues. Professionals with years of experience are experts who know the latest information and can help you with the details. Work with a certified LTC insurance specialist to customize a policy to fit your budget and needs. IT’S NEVER TO EARLY – OR TOO LATE - TO PLAN FOR LONG TERM CARE. With any plan, the most important thing is to get started. It may be challenging, but the sooner you start, the more options you have
Long-term care planning must be personal. There is no one right way to plan for long-term care. Evaluate your options with a critical eye. Long-term care is not just a financial risk but is also an emotional issue that touches deeply held values. Become educated about long-term care. Talk to friends and family about their experiences as caregivers and the different ways they paid for services. Ask questions if you're confused. Don’t sign anything until you have an answer to all your questions. Aside from research, the most important safety tool is simple common sense. Don’t allow yourself to be pressured and don’t rush into anything. Work with experienced advisors that you trust. There is a lot of help available through consumer organizations, books you can read, and websites with detailed information. Let someone else do the hard work. Do not hesitate to seek professional help for legal, tax, and insurance issues. Professionals with years of experience are experts who know the latest information and can help you with the details. Work with a certified LTC insurance specialist to customize a policy to fit your budget and needs. IT’S NEVER TO EARLY – OR TOO LATE - TO PLAN FOR LONG TERM CARE. With any plan, the most important thing is to get started. It may be challenging, but the sooner you start, the more options you have
Monday, April 16, 2012
Long Term Care Insurance Rate Hikes Explained By Industry Leader
Costs for long term care insurance in 2012 have risen compared to the prior year and several insurers have filed for rate increases raising concern among consumers and consumer groups.
“No one likes to pay more so concern is understandable,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, an industry trade group representing several thousand specialists who market long term care insurance. “But there is quite a bit of misinformation surrounding what’s taking place.”
To address the issue, the industry executive has been speaking with reporters, consumer representatives and making available association staff to discuss the matter with consumers. Slome appeared on Martha Stewart’s radio network to explain what’s taking place.
“Historic low interest rates are the primary culprit and the Federal Reserve has indicated it plans to keep rates this low for the foreseeable future,” Slome notes. For every one-half percent drop in interest rates, a long-term care insurance company needs a 15 percent premium hike to build up the needed capital to pay future anticipated claims.
Regarding the need for rate increases on existing long term care insurance policies, Slome explains it is never a take it or leave it proposition for the consumer. Insurers always offer an option by which the policyholder can continue to pay the same amount.
The Association executive points to a recent request for rate hike from a leading insurer. Policies affected are those offering a five percent automatic compound or simple inflation coverage, where benefits automatically increase by five percent each year for the life of the policy. “The company offers an option to reduce their future inflation percentage which allows people to avoid the rate increase altogether,” Slome says.
This is a prospective reduction in inflation; so all inflation additions previously applied to the policy will remain in place. “There is no reduction of their current benefit level,” Slome points out. “Only future inflation increases would be at a rate lower and the new inflation percentage offered as an option to customers will be in the range of 2.7% to 3.9%.”
Slome advises consumers with long term care insurance policies to speak with their agent regarding their concerns. “The protection is still incredibly important for people to have and valuable to those who need it,” Slome one of the nation’s long term care insurance expert points out. “Last year, insurers paid over $6 billion in benefits to some 200,000 individuals who own long term care insurance. The largest open claim has surpassed $1.5 million and the policyholder paid less than $2,500 for their protection.” Some eight million Americans currently have some form long term care insurance protection.
“No one likes to pay more so concern is understandable,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, an industry trade group representing several thousand specialists who market long term care insurance. “But there is quite a bit of misinformation surrounding what’s taking place.”
To address the issue, the industry executive has been speaking with reporters, consumer representatives and making available association staff to discuss the matter with consumers. Slome appeared on Martha Stewart’s radio network to explain what’s taking place.
“Historic low interest rates are the primary culprit and the Federal Reserve has indicated it plans to keep rates this low for the foreseeable future,” Slome notes. For every one-half percent drop in interest rates, a long-term care insurance company needs a 15 percent premium hike to build up the needed capital to pay future anticipated claims.
Regarding the need for rate increases on existing long term care insurance policies, Slome explains it is never a take it or leave it proposition for the consumer. Insurers always offer an option by which the policyholder can continue to pay the same amount.
The Association executive points to a recent request for rate hike from a leading insurer. Policies affected are those offering a five percent automatic compound or simple inflation coverage, where benefits automatically increase by five percent each year for the life of the policy. “The company offers an option to reduce their future inflation percentage which allows people to avoid the rate increase altogether,” Slome says.
This is a prospective reduction in inflation; so all inflation additions previously applied to the policy will remain in place. “There is no reduction of their current benefit level,” Slome points out. “Only future inflation increases would be at a rate lower and the new inflation percentage offered as an option to customers will be in the range of 2.7% to 3.9%.”
Slome advises consumers with long term care insurance policies to speak with their agent regarding their concerns. “The protection is still incredibly important for people to have and valuable to those who need it,” Slome one of the nation’s long term care insurance expert points out. “Last year, insurers paid over $6 billion in benefits to some 200,000 individuals who own long term care insurance. The largest open claim has surpassed $1.5 million and the policyholder paid less than $2,500 for their protection.” Some eight million Americans currently have some form long term care insurance protection.
Monday, April 9, 2012
Small Business Owners Unaware of Long-Term Care Tax Deductions
The majority of small and mid-sized business owners are not familiar with the tax deductible benefits available when offering long-term care insurance plan to employees. According to one insurance company executive, tax-deductible long-term care insurance remains the best-kept secret and employers are missing out on billions of dollars of potential tax savings.
Federal and a growing number of states now offer tax deductions and tax credits for the purchase of long-term care insurance. The cost of coverage may be fully tax deductible to the business and a great deal of flexibility can be offered when initiating a plan. In addition, corporate pricing breaks of 5 percent to 10 percent, in addition to substantial spousal or couples discounts, are the norm.
According to the 2009 edition of A Business Owner’s Guide To Long-Term Care Insurance, any form of business ownership can enjoy deductions for a long-term care insurance premium. Benefits received are, as a rule, always tax-free. Premiums might be considered imputed income to an employee depending on how the company is held.
Insurers offer various forms of long-term care insurance plans designed specifically to meet the needs of either small or large employers. Policies can be personally owned but company-paid, thus staying with the insured after he or she leaves a company or retires.
Long-term care insurance offers great design flexibility for employers. For example, employers can pick and choose who participates in a plan. Properly done, there are no ERISA issues, unlike group health insurance, according to tax experts. These plans are often called “carve-outs” which allow employers to be “selective” when determining who would be covered under a long-term care insurance benefit.
Policy design provisions enable employers to pay premiums for fixed periods of time, at which point the policy is paid up for life. One of the significant benefits is that policy benefit amounts keep increasing under inflation protection options with no risk of future long-term care insurance rate hikes.
According to American Association for Long Term Care Insurance experts, policies available to employers may allow two spouses to share one benefit pool. This has the potential to double the benefit any single insured might have and eliminates much of the problem as it pertains to the benefit period chosen. At the death of one spouse, the other typically inherits the other remaining benefits free of charge.
Federal and a growing number of states now offer tax deductions and tax credits for the purchase of long-term care insurance. The cost of coverage may be fully tax deductible to the business and a great deal of flexibility can be offered when initiating a plan. In addition, corporate pricing breaks of 5 percent to 10 percent, in addition to substantial spousal or couples discounts, are the norm.
According to the 2009 edition of A Business Owner’s Guide To Long-Term Care Insurance, any form of business ownership can enjoy deductions for a long-term care insurance premium. Benefits received are, as a rule, always tax-free. Premiums might be considered imputed income to an employee depending on how the company is held.
Insurers offer various forms of long-term care insurance plans designed specifically to meet the needs of either small or large employers. Policies can be personally owned but company-paid, thus staying with the insured after he or she leaves a company or retires.
Long-term care insurance offers great design flexibility for employers. For example, employers can pick and choose who participates in a plan. Properly done, there are no ERISA issues, unlike group health insurance, according to tax experts. These plans are often called “carve-outs” which allow employers to be “selective” when determining who would be covered under a long-term care insurance benefit.
Policy design provisions enable employers to pay premiums for fixed periods of time, at which point the policy is paid up for life. One of the significant benefits is that policy benefit amounts keep increasing under inflation protection options with no risk of future long-term care insurance rate hikes.
According to American Association for Long Term Care Insurance experts, policies available to employers may allow two spouses to share one benefit pool. This has the potential to double the benefit any single insured might have and eliminates much of the problem as it pertains to the benefit period chosen. At the death of one spouse, the other typically inherits the other remaining benefits free of charge.
Monday, April 2, 2012
Make me smarter! Are there secrets worth sharing before I meet with an agent?
Each insurance carrier has one or more "sweet spots" generally based on which ages and health conditions they believe are most desirable based on their experience or future expectations. Some offer advantageous discounts for couples buying together. Others will offer a discount even when only one buys. Fortunately, most knowledgeable long-term care insurance professionals have access to policies from multiple insurers and can show you an apples-to-apples comparison without you having to be a NASA scientist (with all respect to those NASA scientists and engineers reading this!). The savings to you could be significant.
Monday, March 26, 2012
Long Term Care Insurance Career Center Launched
An online Career Success Center has been established to attract individuals to a full or part-time career selling long-term care insurance. Launched by the American Association for Long-Term Care Insurance (www.AALTCI.org) the Center aims to provide valuable information to those looking for a new career opportunity or those seeking a means of earning additional income.
“Selling long-term care insurance provides people with the opportunity to help individuals and their families and, at the same time, earn what can be a significant income,” explains Jesse Slome, AALTCI’s executive director. The Association created the online center as the result of increasing inquiries from individuals interested in learning more about career and sales opportunities.
According to AALTCI, over 1,000 people purchase long-term care insurance on a daily basis. “The need for this protection is growing and sales would be higher if there were more skilled people available to market the product to individuals and employer groups,” Slome admits. “The new center will provide meaningful but balanced information that will enable people to evaluate and decide if this is something they should pursue.”
The initial online center initially features a variety of audios addressing getting started in the business through what your first year should look like. “We also provide sales and marketing information for insurance professionals who have unsuccessfully tipped a toe into the pool but wish to learn how to be successful,” Slome adds. The organization plans to expand the center over time to address critical aspects for career success including the long-term care insurance industry’s first national job postings bulletin board.
Access to the online center is free of charge at www.aaltci.org/sell. Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization exclusively focused on creating heightened consumer awareness and supporting insurance professionals who market long-term care solutions.
“Selling long-term care insurance provides people with the opportunity to help individuals and their families and, at the same time, earn what can be a significant income,” explains Jesse Slome, AALTCI’s executive director. The Association created the online center as the result of increasing inquiries from individuals interested in learning more about career and sales opportunities.
According to AALTCI, over 1,000 people purchase long-term care insurance on a daily basis. “The need for this protection is growing and sales would be higher if there were more skilled people available to market the product to individuals and employer groups,” Slome admits. “The new center will provide meaningful but balanced information that will enable people to evaluate and decide if this is something they should pursue.”
The initial online center initially features a variety of audios addressing getting started in the business through what your first year should look like. “We also provide sales and marketing information for insurance professionals who have unsuccessfully tipped a toe into the pool but wish to learn how to be successful,” Slome adds. The organization plans to expand the center over time to address critical aspects for career success including the long-term care insurance industry’s first national job postings bulletin board.
Access to the online center is free of charge at www.aaltci.org/sell. Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization exclusively focused on creating heightened consumer awareness and supporting insurance professionals who market long-term care solutions.
Monday, March 19, 2012
Pattern Predicts Dementia Onset And Long Term Care Need
According to the Alzheimer’s Association, mild cognitive impairment (MCI) is “a condition in which a person has problems with memory, language, or another mental function severe enough to be noticeable to other people and to show up on tests, but not serious enough to interfere with daily life.” This type of mental state is considered a risk factor for dementia, the longest and most costly of all long-term care needs according to the American Association for Long-Term Care Insurance.
Some scientists studies have found that about 10 percent to 15 percent of those with MCI will progress to dementia each year. The new study which appears in the September issue of the Archives of Neurology, sought to deterine if telltale signs within MCI could determine those individuals who would progress more rapidly to full-blown dementia.
Researchers collected data on people with mild cognitive impairment and evaluated these individuals using brain scans and cognition tests. Over the next two years of follow-up, some 25 percent of the individuals did go on to develop dementia.
The researchers noted that if an older adult is starting to display problems in daily life, such as problems shopping independently, problems managing their own finances, problems performing household chores, and problems maintaining their hobbies, they are more likely to develop a dementia within several years.
Dr. Ronald C. Petersen, director of the Alzheimer’s Disease Research Center at the Mayo Clinic in Rochester, Minn., agreed that, despite the lack of effective treatments, spotting Alzheimer’s disease early remains important. “If people in the family start to recognize a change in memory/learning patterns, that might be sufficient to identify someone who could develop Alzheimer’s disease,” Peterson said. “Don’t wait until the person is having trouble driving, is having trouble paying their bills or having trouble functioning in the community — that’s dementia,” he said. “This study tells us that we can identify important symptoms earlier and it may be worthwhile doing so.”
Some scientists studies have found that about 10 percent to 15 percent of those with MCI will progress to dementia each year. The new study which appears in the September issue of the Archives of Neurology, sought to deterine if telltale signs within MCI could determine those individuals who would progress more rapidly to full-blown dementia.
Researchers collected data on people with mild cognitive impairment and evaluated these individuals using brain scans and cognition tests. Over the next two years of follow-up, some 25 percent of the individuals did go on to develop dementia.
The researchers noted that if an older adult is starting to display problems in daily life, such as problems shopping independently, problems managing their own finances, problems performing household chores, and problems maintaining their hobbies, they are more likely to develop a dementia within several years.
Dr. Ronald C. Petersen, director of the Alzheimer’s Disease Research Center at the Mayo Clinic in Rochester, Minn., agreed that, despite the lack of effective treatments, spotting Alzheimer’s disease early remains important. “If people in the family start to recognize a change in memory/learning patterns, that might be sufficient to identify someone who could develop Alzheimer’s disease,” Peterson said. “Don’t wait until the person is having trouble driving, is having trouble paying their bills or having trouble functioning in the community — that’s dementia,” he said. “This study tells us that we can identify important symptoms earlier and it may be worthwhile doing so.”
Monday, March 12, 2012
Small Business Owners Unaware of Long-Term Care Tax Deductions
The majority of small and mid-sized business owners are not familiar with the tax deductible benefits available when offering long-term care insurance plan to employees. According to one insurance company executive, tax-deductible long-term care insurance remains the best-kept secret and employers are missing out on billions of dollars of potential tax savings.
Federal and a growing number of states now offer tax deductions and tax credits for the purchase of long-term care insurance. The cost of coverage may be fully tax deductible to the business and a great deal of flexibility can be offered when initiating a plan. In addition, corporate pricing breaks of 5 percent to 10 percent, in addition to substantial spousal or couples discounts, are the norm.
According to the 2009 edition of A Business Owner’s Guide To Long-Term Care Insurance, any form of business ownership can enjoy deductions for a long-term care insurance premium. Benefits received are, as a rule, always tax-free. Premiums might be considered imputed income to an employee depending on how the company is held.
Insurers offer various forms of long-term care insurance plans designed specifically to meet the needs of either small or large employers. Policies can be personally owned but company-paid, thus staying with the insured after he or she leaves a company or retires.
Long-term care insurance offers great design flexibility for employers. For example, employers can pick and choose who participates in a plan. Properly done, there are no ERISA issues, unlike group health insurance, according to tax experts. These plans are often called “carve-outs” which allow employers to be “selective” when determining who would be covered under a long-term care insurance benefit.
Policy design provisions enable employers to pay premiums for fixed periods of time, at which point the policy is paid up for life. One of the significant benefits is that policy benefit amounts keep increasing under inflation protection options with no risk of future long-term care insurance rate hikes.
According to American Association for Long Term Care Insurance experts, policies available to employers may allow two spouses to share one benefit pool. This has the potential to double the benefit any single insured might have and eliminates much of the problem as it pertains to the benefit period chosen. At the death of one spouse, the other typically inherits the other remaining benefits free of charge.
Federal and a growing number of states now offer tax deductions and tax credits for the purchase of long-term care insurance. The cost of coverage may be fully tax deductible to the business and a great deal of flexibility can be offered when initiating a plan. In addition, corporate pricing breaks of 5 percent to 10 percent, in addition to substantial spousal or couples discounts, are the norm.
According to the 2009 edition of A Business Owner’s Guide To Long-Term Care Insurance, any form of business ownership can enjoy deductions for a long-term care insurance premium. Benefits received are, as a rule, always tax-free. Premiums might be considered imputed income to an employee depending on how the company is held.
Insurers offer various forms of long-term care insurance plans designed specifically to meet the needs of either small or large employers. Policies can be personally owned but company-paid, thus staying with the insured after he or she leaves a company or retires.
Long-term care insurance offers great design flexibility for employers. For example, employers can pick and choose who participates in a plan. Properly done, there are no ERISA issues, unlike group health insurance, according to tax experts. These plans are often called “carve-outs” which allow employers to be “selective” when determining who would be covered under a long-term care insurance benefit.
Policy design provisions enable employers to pay premiums for fixed periods of time, at which point the policy is paid up for life. One of the significant benefits is that policy benefit amounts keep increasing under inflation protection options with no risk of future long-term care insurance rate hikes.
According to American Association for Long Term Care Insurance experts, policies available to employers may allow two spouses to share one benefit pool. This has the potential to double the benefit any single insured might have and eliminates much of the problem as it pertains to the benefit period chosen. At the death of one spouse, the other typically inherits the other remaining benefits free of charge.
Monday, February 27, 2012
Long Term Care Insurance National Ad Set For Kiplinger’s
The fourth in an ongoing series of long term care insurance consumer education campaigns has been initiated by the American Association for Long-Term Care Insurance (AALTCI).
The Association will be placing a full-page advertorial into the May edition of Kiplinger’s Personal Finance magazine. Part of the “Fresh Perspectives on Long-Term Care Planning” campaign, the message strives to overcome misperceptions held by consumers.
“We have been highly effective in delivering very specific messages to those consumers who are most likely to undertake long term care planning,” Jesse Slome, AALTCI’s executive director explains. “Our strategy is to create awareness that directly deals with common misperceptions about long-term care insurance.”
The May campaign addresses the belief held by some consumers that if they cannot afford lifetime long-term care insurance, they forgo any coverage. “We clearly state that this ‘all or nothing’ approach is rarely a good plan,” Slome notes.
“We also challenge the ‘one and done’ process that has been most long-term care insurance has been purchased,” Slome explains. Options commonly available today including the Future Purchase Option make coverage more affordable and, as a result, will expand the potential market for sales. “It is a planning approach that really is appropriate especially as the industry targets younger buyers,” Slome notes.
The AALTCI Fresh Perspectives campaign has been supported by Prudential and John Hancock. The advertisements in Kiplinger’s magazine reach over one million readers. In addition, the participating insurers offer reprints to their agents.
Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization focused on establishing heightened consumer awareness as well as supporting insurance professionals who market long term care solutions.
The Association will be placing a full-page advertorial into the May edition of Kiplinger’s Personal Finance magazine. Part of the “Fresh Perspectives on Long-Term Care Planning” campaign, the message strives to overcome misperceptions held by consumers.
“We have been highly effective in delivering very specific messages to those consumers who are most likely to undertake long term care planning,” Jesse Slome, AALTCI’s executive director explains. “Our strategy is to create awareness that directly deals with common misperceptions about long-term care insurance.”
The May campaign addresses the belief held by some consumers that if they cannot afford lifetime long-term care insurance, they forgo any coverage. “We clearly state that this ‘all or nothing’ approach is rarely a good plan,” Slome notes.
“We also challenge the ‘one and done’ process that has been most long-term care insurance has been purchased,” Slome explains. Options commonly available today including the Future Purchase Option make coverage more affordable and, as a result, will expand the potential market for sales. “It is a planning approach that really is appropriate especially as the industry targets younger buyers,” Slome notes.
The AALTCI Fresh Perspectives campaign has been supported by Prudential and John Hancock. The advertisements in Kiplinger’s magazine reach over one million readers. In addition, the participating insurers offer reprints to their agents.
Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization focused on establishing heightened consumer awareness as well as supporting insurance professionals who market long term care solutions.
Monday, February 20, 2012
Aerobic Exercise Reduces Dementia Long Term Care Risk
New research reveals that aerobic exercise may cut the risk of dementia and slow its progress once it starts.
According to researchers at the Mayo Clinic, aerobic exercise which is defined as any physical activity that raises heart rate and increases the body’s need for oxygen is good for preserving cognitive abilities and should be regarded as an important therapy against dementia. Aerobic exercise includes walking, doing chores like shovelling snow and raking leaves.
Cognitive decline and dementia including Alzheimer’s disease is a leading reason that aging women ultimately require costly long term care, according to Jesse Slome, executive director of the American Association for Long Term Care Insurance. “Long term care insurance can pay for qualifying care at home or in a skilled nursing home but you must apply well before a decline in mental ability or physical health takes place,” he notes.
Reserachers reviewed more than 1,600 scientific papers on the topic, 130 of which dealt directly with the issue. They concluded that one can make a very compelling argument for exercise as a disease-modifying strategy to prevent dementia and mild cognitive impairment.
They point out that studies involving brain scans consistently show objective evidence of the benefits of exercise on preserving the integrity of the human brain. Animal studies found that exercise produces trophic factors that improve the functioning of the brain, and it also increases connections between brain cells.
Patients with dementia or MCI had better scores after 6 to 12 months of exercise compared to sedentary controls. Healthy adults who did aerobic exercise also showed significantly improved cognitive scores.
In one large trial of seniors, one year of exercise was linked to significantly larger hippocampal volumes and better spatial memory (cross-sectional studies comparing physically fit with unfit seniors appear to confirm this evidence).
According to researchers at the Mayo Clinic, aerobic exercise which is defined as any physical activity that raises heart rate and increases the body’s need for oxygen is good for preserving cognitive abilities and should be regarded as an important therapy against dementia. Aerobic exercise includes walking, doing chores like shovelling snow and raking leaves.
Cognitive decline and dementia including Alzheimer’s disease is a leading reason that aging women ultimately require costly long term care, according to Jesse Slome, executive director of the American Association for Long Term Care Insurance. “Long term care insurance can pay for qualifying care at home or in a skilled nursing home but you must apply well before a decline in mental ability or physical health takes place,” he notes.
Reserachers reviewed more than 1,600 scientific papers on the topic, 130 of which dealt directly with the issue. They concluded that one can make a very compelling argument for exercise as a disease-modifying strategy to prevent dementia and mild cognitive impairment.
They point out that studies involving brain scans consistently show objective evidence of the benefits of exercise on preserving the integrity of the human brain. Animal studies found that exercise produces trophic factors that improve the functioning of the brain, and it also increases connections between brain cells.
Patients with dementia or MCI had better scores after 6 to 12 months of exercise compared to sedentary controls. Healthy adults who did aerobic exercise also showed significantly improved cognitive scores.
In one large trial of seniors, one year of exercise was linked to significantly larger hippocampal volumes and better spatial memory (cross-sectional studies comparing physically fit with unfit seniors appear to confirm this evidence).
Monday, February 13, 2012
New Robots Aid In Caring For Japanese Seniors
A new robot has brought Japan one step closer to its goal of providing high-quality care for its growing elderly population.
The robot uses high-precision tactile sensors and flexible motor control technology to lift patients weighing up to 80kg (180 pounds) off floor-level bedding and into a wheelchair. The developers note this is intended to free care facility personnel of one of their most difficult and energy-consuming tasks.
Japan's elderly population in need of nursing care is projected to reach a staggering 5.69 million by 2015 experts explain. "Japan faces an urgent need for new approaches to assist care-giving personnel," states Jesse Slome, executive director of the American Association for Long-Term Care Insurance . "The United States will soon be facing the very same issues."
Care experts noted that one of the most strenuous tasks for such personnel, carried out an average of 40 times every day, is that of lifting a patient from a futon at floor level into a wheelchair. Robots are well-suited to this task, yet none have yet been deployed in care-giving facilities.
In 2009, the RIKEN-TRI Collaboration Center for Human-Interactive Robot Research (RTC), a joint project established in 2007 and located at the Nagoya Science Park in central Japan, unveiled a robot called RIBA (Robot for Interactive Body Assistance) designed to assist in this task. The first robot capable of lifting a patient from a bed to a wheelchair and back, RIBA charted a new course in the development of care-giving robots, yet functional limitations prevented its direct commercialization.
In the future, Japanese researchers plan to work together with partner nursing care facilities to test RIBA-II and further tailor it to the needs of care-givers and their patients. They explain their intent to also develop new applications in areas such as rehabilitation.
Robots will one day enable individuals to remain in their own home rather than being forced into skilled nursing facilities, Slome predicts. "This should be a most welcome development for millions of Americans though they can expected to be costly," he notes "People will either need to have the savings or insurance to cover the cost." Current forms of long-term care insurance that provide cash payments would cover the rental or purchase of robots.
The Association urges consumers to learn more about long-term care planning and get long-term care insurance cost from a designated expert via the organization's Consumer Information Center at http://www.aaltci.org/long-term-care-insurance/free-quote/. "The best ages to start planning are between ages 52 and 62 when costs are lowest and you don't risk being declined because of existing health conditions," Slome explains.
The robot uses high-precision tactile sensors and flexible motor control technology to lift patients weighing up to 80kg (180 pounds) off floor-level bedding and into a wheelchair. The developers note this is intended to free care facility personnel of one of their most difficult and energy-consuming tasks.
Japan's elderly population in need of nursing care is projected to reach a staggering 5.69 million by 2015 experts explain. "Japan faces an urgent need for new approaches to assist care-giving personnel," states Jesse Slome, executive director of the American Association for Long-Term Care Insurance . "The United States will soon be facing the very same issues."
Care experts noted that one of the most strenuous tasks for such personnel, carried out an average of 40 times every day, is that of lifting a patient from a futon at floor level into a wheelchair. Robots are well-suited to this task, yet none have yet been deployed in care-giving facilities.
In 2009, the RIKEN-TRI Collaboration Center for Human-Interactive Robot Research (RTC), a joint project established in 2007 and located at the Nagoya Science Park in central Japan, unveiled a robot called RIBA (Robot for Interactive Body Assistance) designed to assist in this task. The first robot capable of lifting a patient from a bed to a wheelchair and back, RIBA charted a new course in the development of care-giving robots, yet functional limitations prevented its direct commercialization.
In the future, Japanese researchers plan to work together with partner nursing care facilities to test RIBA-II and further tailor it to the needs of care-givers and their patients. They explain their intent to also develop new applications in areas such as rehabilitation.
Robots will one day enable individuals to remain in their own home rather than being forced into skilled nursing facilities, Slome predicts. "This should be a most welcome development for millions of Americans though they can expected to be costly," he notes "People will either need to have the savings or insurance to cover the cost." Current forms of long-term care insurance that provide cash payments would cover the rental or purchase of robots.
The Association urges consumers to learn more about long-term care planning and get long-term care insurance cost from a designated expert via the organization's Consumer Information Center at http://www.aaltci.org/long-term-care-insurance/free-quote/. "The best ages to start planning are between ages 52 and 62 when costs are lowest and you don't risk being declined because of existing health conditions," Slome explains.
Monday, February 6, 2012
Connecticut Long Term Care Insurance Partnership Information Website Launched
A consumer educational website focused on the Connecticut Long Term Care Insurance Partnership program has been launched by the American Association for Long-Term Care Insurance (AALTCI) the national trade group focused on creating heightened awareness of the importance of long term care planning.
According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.
Connecticut was one of the four original states to offer the special Long Term Care Partnership program, Slome explains. New York, California and Indiana were the other three original states launched in the early 1990s.
“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.
Connecticut residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training. The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.
The web address for the new website is http://www.connecticutpartnershiponly.com and provides the latest information on the program. AALTCI recently posted a website for New York residents interested in partnership information.
Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.
According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.
Connecticut was one of the four original states to offer the special Long Term Care Partnership program, Slome explains. New York, California and Indiana were the other three original states launched in the early 1990s.
“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.
Connecticut residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training. The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.
The web address for the new website is http://www.connecticutpartnershiponly.com and provides the latest information on the program. AALTCI recently posted a website for New York residents interested in partnership information.
Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.
Monday, January 30, 2012
New York Long Term Care Insurance Partnership Educational Website Launched
A consumer educational website focused on the New York Long Term Care Insurance Partnership program has been launched by the American Association for Long-Term Care Insurance (AALTCI).
According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.
New York State was one of the four original states to offer the special Long Term Care Partnership program, Slome explains. Connecticut, California and Indiana were the other three original states.
“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.
New York residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training. The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.
The web address for the new website is http://www.newyorkpartnershiponly.com/ and provides the latest information on the program.
Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.
According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.
New York State was one of the four original states to offer the special Long Term Care Partnership program, Slome explains. Connecticut, California and Indiana were the other three original states.
“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.
New York residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training. The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.
The web address for the new website is http://www.newyorkpartnershiponly.com/ and provides the latest information on the program.
Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.
Monday, January 23, 2012
Long Term Care Insurance State Tax Deduction Guide Published
Long term care insurance premiums may be fully tax deductible for individuals and a growing number of states now offer deductions and even tax credits to those purchasing this important coverage.
According to the American Association for Long Term Care Insurance, the national trade organization, tax deductibility gives individuals and business owners one very important reason to consider ways to address future long term care needs.
“Americans are living well into their 80s, 90s and even longer when the likelihood of needing extremely costly long term care services is almost a guarantee,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group charged with creating awareness for long term care related issues. “The federal and state governments recognizes this and offers the tax incentives to encourage more people to plan.”
Individuals may be able to deduct long term care insurance premiums paid from their 2011 federal income taxes. The federal levels are based on your age, Slome notes, ranging from $340 to $4,240 per-person and increase for new policies purchased in 2012. Individuals face certain limitations that are not imposed on self-employed or corporations. “These entities may able to make the full cost tax deductible,” Slome adds.
In addition to federal tax deductibility limits, a growing number of states now offer either tax deductions or tax credits to encourage state residents to purchase long-term care insurance.
The American Association for Long-Term Care Insurance has just published a state-by-state listing of available tax deductions on the organization’s website at www.aaltci.org/tax.
According to the American Association for Long Term Care Insurance, the national trade organization, tax deductibility gives individuals and business owners one very important reason to consider ways to address future long term care needs.
“Americans are living well into their 80s, 90s and even longer when the likelihood of needing extremely costly long term care services is almost a guarantee,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group charged with creating awareness for long term care related issues. “The federal and state governments recognizes this and offers the tax incentives to encourage more people to plan.”
Individuals may be able to deduct long term care insurance premiums paid from their 2011 federal income taxes. The federal levels are based on your age, Slome notes, ranging from $340 to $4,240 per-person and increase for new policies purchased in 2012. Individuals face certain limitations that are not imposed on self-employed or corporations. “These entities may able to make the full cost tax deductible,” Slome adds.
In addition to federal tax deductibility limits, a growing number of states now offer either tax deductions or tax credits to encourage state residents to purchase long-term care insurance.
The American Association for Long-Term Care Insurance has just published a state-by-state listing of available tax deductions on the organization’s website at www.aaltci.org/tax.
Monday, January 16, 2012
Women Aged Over 85 Have Higher Prevalence Of Arthritis And Joint Pain
A new study finds that the lifetime prevalence of arthritis is 65.4% in individuals aged 85, with women impacted more than men.
According to Jesse Slome, executive director of the American Association for Long-Term Care Insurance, while arthritis is strongly connected with age, few investigations have studied how the oldest individuals (those aged 85+ years) are affected by the disease.
The study looked at over 1,000 individuals aged 85 years old and revealed that for any arthritis the lifetime prevalence was high, with 65.4% of the participants having arthritis. According to Slome, the researchers discovered that the disease was more common in women than men: 69.1% vs 58.8%.
Osteoarthritis the researchers found was most prevalent in the knee joint followed by the hip and hand. A percentage of those participating in the study identified the knee as the most painful joint, even though the foot, ankle and lower back received the highest pain score.
With the exception of the shoulder and foot, for all joints women reported a higher average pain score.
The study was published today in the journal Age and Ageing. According to AALTCI, arthritis is the fourth leading cause of long term care insurance claims for nursing home care, following Alzheimer’s, nervous system conditions and stroke.
“With more Americans living into their 80s and beyond, having a long term care plan in place is more important than ever,” declares Slome. “Most people wait too long to consider their options because the right time to plan is prior to turning age 65.”
According to Jesse Slome, executive director of the American Association for Long-Term Care Insurance, while arthritis is strongly connected with age, few investigations have studied how the oldest individuals (those aged 85+ years) are affected by the disease.
The study looked at over 1,000 individuals aged 85 years old and revealed that for any arthritis the lifetime prevalence was high, with 65.4% of the participants having arthritis. According to Slome, the researchers discovered that the disease was more common in women than men: 69.1% vs 58.8%.
Osteoarthritis the researchers found was most prevalent in the knee joint followed by the hip and hand. A percentage of those participating in the study identified the knee as the most painful joint, even though the foot, ankle and lower back received the highest pain score.
With the exception of the shoulder and foot, for all joints women reported a higher average pain score.
The study was published today in the journal Age and Ageing. According to AALTCI, arthritis is the fourth leading cause of long term care insurance claims for nursing home care, following Alzheimer’s, nervous system conditions and stroke.
“With more Americans living into their 80s and beyond, having a long term care plan in place is more important than ever,” declares Slome. “Most people wait too long to consider their options because the right time to plan is prior to turning age 65.”
Monday, January 9, 2012
Memory Boost Reported From Taking B Vitamins
A new study reports that adults who consumed vitamin B12 and folic acid supplements for two years had greater improvements on short- and long-term memory tests than adults who did not take the vitamins.
According to the researchers the benefits of taking the added vitamin supplements were modest. “Still it is encouraging and good news for aging Americans who are living longer and want to minimize the risk of dementia or cognitive decline,” declares Jesse Slome, executive director of the American Association for Long Term Care Insurance, the national trade group charged with creating awareness for long term care related issues.
Today, some 5.4 million Americans are living with Alzheimer’s disease according to the 2011 Long Term Care Almanac published by the American Association for Long Term Care Insurance. “Two thirds are women,” explains Jesse Slome, the organization’s director, “and most survive an average of four to eight years after diagnosis, though some live as long as 20 years.” Alzheimer’s is the leading cause for long term care insurance claims.
By 2050, the Alzheimer’s Association predicts as many as 16 million individuals will be diagnosed with the disease. They note that of Americans age 65 and over, one in eight has Alzheimer’s and that nearly half of all those who reach age 85 have the disease.
Researchers in Australia asked more than 700 people, aged 60 to 74 years, to take a daily dose of folic acid and vitamin B12 or placebos that resembled the vitamins. The study only included people who showed signs of depression, but were not diagnosed with clinical depression.
The vitamin dose included 400 micrograms of folic acid and 100 micrograms of vitamin B12. Scientists reported that after 12 months, there seemed to be no difference in how well participants scored on mental tests, including memory, attention and speed.
The researchers, however, reported that after two years the participants who were taking the real vitamins showed larger improvements in their scores on the memory tasks. They noted however that for any given individual, there may or may not be an effect.
The scientists postulated that the reason for the changed results is that the vitamins reduce the body’s levels of a molecule called homocysteine, which is linked to cardiovascular disease and poor cognitive function.
Financial planning experts advise that adults in their 50s and young 60s with a family history of cognitive disorders including Alzheimer’s look into long term care insurance. “Insurance is only available to those who can medically qualify,” Slome explains, “because the long term care insurance industry already pays out over $6 billion a year in claims, so they look for those who aren’t already diagnosed with some risky condition.”
According to the researchers the benefits of taking the added vitamin supplements were modest. “Still it is encouraging and good news for aging Americans who are living longer and want to minimize the risk of dementia or cognitive decline,” declares Jesse Slome, executive director of the American Association for Long Term Care Insurance, the national trade group charged with creating awareness for long term care related issues.
Today, some 5.4 million Americans are living with Alzheimer’s disease according to the 2011 Long Term Care Almanac published by the American Association for Long Term Care Insurance. “Two thirds are women,” explains Jesse Slome, the organization’s director, “and most survive an average of four to eight years after diagnosis, though some live as long as 20 years.” Alzheimer’s is the leading cause for long term care insurance claims.
By 2050, the Alzheimer’s Association predicts as many as 16 million individuals will be diagnosed with the disease. They note that of Americans age 65 and over, one in eight has Alzheimer’s and that nearly half of all those who reach age 85 have the disease.
Researchers in Australia asked more than 700 people, aged 60 to 74 years, to take a daily dose of folic acid and vitamin B12 or placebos that resembled the vitamins. The study only included people who showed signs of depression, but were not diagnosed with clinical depression.
The vitamin dose included 400 micrograms of folic acid and 100 micrograms of vitamin B12. Scientists reported that after 12 months, there seemed to be no difference in how well participants scored on mental tests, including memory, attention and speed.
The researchers, however, reported that after two years the participants who were taking the real vitamins showed larger improvements in their scores on the memory tasks. They noted however that for any given individual, there may or may not be an effect.
The scientists postulated that the reason for the changed results is that the vitamins reduce the body’s levels of a molecule called homocysteine, which is linked to cardiovascular disease and poor cognitive function.
Financial planning experts advise that adults in their 50s and young 60s with a family history of cognitive disorders including Alzheimer’s look into long term care insurance. “Insurance is only available to those who can medically qualify,” Slome explains, “because the long term care insurance industry already pays out over $6 billion a year in claims, so they look for those who aren’t already diagnosed with some risky condition.”
Monday, January 2, 2012
Red Meat Eaters Have More Kidney Cancer
Individuals who eat red meat are reported to suffer from a higher risk of some types of kidney cancer.
According to U.S. researchers middle-aged adults who ate the most red meat were almost one fifth (19%) more likely to be diagnosed with kidney cancer than those who ate the least. The scientists also noted that the increased intake of chemicals found in barbecued or grilled meats was also linked to increased risk of the disease.
“Cancer is increasingly a critical illness impacting millions of American adults,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “U.S. guidelines for better health call for limiting high-fat foods including processed meat, and instead eating more lean meat and poultry, seafood and nuts.”
Researchers noted that previous studies examined links between red meat and kidney cancer had arrived at mixed conclusion. Researchers at the National Cancer Institute in Rockville used data from a study of close to 500,000 U.S. adults age 50 and older, which were surveyed on their dietary habits, including meat consumption. The researchers followed the study group for an average of nine years to track any new cancer diagnoses.
On average, men in the study ate two or three ounces of red meat per day, compared to one or two ounces among women.
During the study time period some 1,800 of the participants or less than half a percent were diagnosed with kidney cancer. Those with the highest consumption of red meat were 19 percent more likely to be diagnosed with kidney cancer than those who ate the smallest amount. The highest consumption was about four ounces per day and the lowest was less than one ounce per day.
People who ate the most well-done grilled and barbecued meat and therefore had the highest exposure to carcinogenic chemicals that come out of the cooking process also had an extra risk of kidney cancer compared to those who didn’t cook much meat that way.
“More Americans are following healthier plans with the desire of living a long life,” Slome explains. “If you live into your 80s or beyond, the likelihood you will need long term care is vastly increased but you need to start preparing for this in your 50s and early 60s when the most planning options are still available to you.”
According to U.S. researchers middle-aged adults who ate the most red meat were almost one fifth (19%) more likely to be diagnosed with kidney cancer than those who ate the least. The scientists also noted that the increased intake of chemicals found in barbecued or grilled meats was also linked to increased risk of the disease.
“Cancer is increasingly a critical illness impacting millions of American adults,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “U.S. guidelines for better health call for limiting high-fat foods including processed meat, and instead eating more lean meat and poultry, seafood and nuts.”
Researchers noted that previous studies examined links between red meat and kidney cancer had arrived at mixed conclusion. Researchers at the National Cancer Institute in Rockville used data from a study of close to 500,000 U.S. adults age 50 and older, which were surveyed on their dietary habits, including meat consumption. The researchers followed the study group for an average of nine years to track any new cancer diagnoses.
On average, men in the study ate two or three ounces of red meat per day, compared to one or two ounces among women.
During the study time period some 1,800 of the participants or less than half a percent were diagnosed with kidney cancer. Those with the highest consumption of red meat were 19 percent more likely to be diagnosed with kidney cancer than those who ate the smallest amount. The highest consumption was about four ounces per day and the lowest was less than one ounce per day.
People who ate the most well-done grilled and barbecued meat and therefore had the highest exposure to carcinogenic chemicals that come out of the cooking process also had an extra risk of kidney cancer compared to those who didn’t cook much meat that way.
“More Americans are following healthier plans with the desire of living a long life,” Slome explains. “If you live into your 80s or beyond, the likelihood you will need long term care is vastly increased but you need to start preparing for this in your 50s and early 60s when the most planning options are still available to you.”
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