Monday, December 9, 2013

Home Care Usage Explored At Long Term Care Insurance Association Summit

How do people really utilize home care services and ways they maximize limited budgets will be explored at the upcoming National Long Term Care Solutions Sales Summit, the national conference for those who market and sell long term care insurance and linked benefit products.

 According to conference organizers, the American Association for Long Term Care Insurance, this is one of the most necessary topics to be explored.  “Insurance professionals really need an understanding of how consumers utilize services in order for them to market and sell appropriate levels of coverage,” explains Jesse Slome, director of the American Association for Long Term Care Insurance.  “Otherwise they could be advising clients to get too little or too much protection.”

The conference which takes place May 18-20, 2014 at the Westin Hotel in Kansas City is the largest gathering of independent insurance professionals who market LTC solutions.

“The Summit brings together national leaders with experts from across the industry,” Slome explains.  “We have put together a program that will be of interest and value to insurance professionals who have never sold long term care insurance products as well as to the thousands of dedicated LTC specialists.  Each session is specifically designed to deliver information and how-tos that will directly benefit those attending.”

Most consumers mistakenly associated long term care with a nursing home stay the AALTCI director points out.  “The vast majority of new long term care insurance claims begin with a need for care at home,” Slome stresses.  “Long term care insurance today is really nursing home avoidance protection but do people need round the clock care which can be enormously expensive or have they learned to manager their care to meet their level of benefits?  We hope to explore that topic in detail.”

Monday, December 2, 2013

Millennials Confused About Long Term Care Insurance Planning

A marked increase in requests for information and price quotes for long term care insurance by individuals born starting with the early 1980s is the result of confusion regarding the Affordable Care Act, also known as Obamacare.

“We have seen a marked increase in the number of young men and women calling for and requesting online information pertaining to long term care insurance,” cites Jesse Slome, executive director of the American Association for Long Term Care Insurance.  The industry trade group was established to provide educational information to consumers and connect those seeking costs with knowledgeable long term care insurance professionals.

“The ideal age to learn more about long term care insurance is your mid-50s,” Slome explains.  “That is when you are most likely to be able to health qualify for this protection and premiums also are still highly affordable.  Waiting until after age 65 often results in a decline due to health or significantly higher costs.”

Over the past 60 days the Association reports receiving a significant increase inquiries by Millenials.   This is the demographic cohort with birth years from the early 1980s to the early 2000s.  “It’s true that accidents among young people can result in the need for long term care but the risk is extremely small so the increase in interest was a bit perplexing,” Slome notes.

Conversations with many of the younger individuals revealed a general lack of understanding regarding long term care and a confusion between this form of protection and traditional health care.  “The good news is that younger people are seeking information and for the Affordable Care Act to be successful, younger people will need to participate,” Slome adds.  “Planning starts with education and awareness so this all represents a very positive step.”