2015 Long Term Care Insurance Forecast Shared

Single digit growth in long term care insurance sales along with heightened interest in asset-based products is forecast for 2015 according to the American Association for Long-Term Care Insurance.

“We expect to see sales of traditional long term care insurance grow both in terms of policies and premium written,” predicts Jesse Slome, executive director of the American Association for Long Term Care Insurance (AALTCI).   ”The growth should be in the three to five percent range for policy sales and roughly eight to 10 percent for new premium overall for 2015.”

The forecast should be welcome news for many of the nation’s long term care insurers who have experienced double digit sales declines in 2014.  “Sales would be larger if more insurance professionals re-entered the long term care insurance marketplace,” Slome admits.   “I don’t see that happening over the short term in 2015 but it is good to see some major insurers are investing heavily in trying to rebuild distribution for the product.”

The Association forecast predicts continued growth of hybrid or asset-based long term care insurance products.  “These products are much harder to track and report as more life insurance companies add a long term care benefits option to their life insurance contracts,” Slome notes.  “If adding a benefit like LTC gains traction for life insurance sales, then considering the number of life insurance agents, we expect many more Americans will have some form of long term care protection in place at the end of 2015.”

Slome noted issues facing the traditional long term care insurance industry continue to pose a threat to future growth.  “We are seeing more consumers frustrated with the claims payment process who are turning to the media as part of the resolution-seeking process,” Slome acknowledged.  “Today, it only takes a few negative stories that go viral to impact any goodwill the industry has built-up.  That continues to be a worrisome condition.”

Long Term Care Insurance Association Director Addresses Nursing Home Drug Abuse

According to reports and a recent lawsuit as many as one in five nursing home patients are given antipsychotic drugs that are not only unnecessary but can also be extremely harmful for older patients.

“Anyone who has visited a skilled nursing home facility quickly realizes what a difficult job those working there face,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).  “That said, the reports are extremely concerning and a reason more consumers will want the means and option to be cared for in their own home.”

Reports have stipulated that patients in the nation’s 15,500 nursing homes are given antipsychotic drugs used as chemical restraints especially for those patients suffering from dementia.   These drugs are intended for people with severe mental illness.

“According to a report aired today by NPR, some 300,000 nursing home residents are currently receiving antipsychotic drugs,” Slome adds.  “The report indicates they are administered to suppress the anxiety or aggression associated with Alzheimer’s disease and other dementia.”

“Consumers continue to associate long-term care insurance with nursing home care,” Slome advised a group of long term care insurance specialists this morning.

“The industry keeps strengthening that association with many reports citing costs.  Instead, we should be focusing on the fact that long term care insurance pays for home care services which is what patients want and can provide a greater degree of control over situations like this.”

Slome urged the agents to focus on the fact that just over half of all new long term care insurance claims begin and end paying for home care services.  “Until you break the cycle of connecting your product with something people don’t want and now have an even greater reason to view it negatively, you won’t see consumers view this protection positively,” Slome admonished.

International Long Term Care Insurance Benefits Vary Widely

As increasing numbers of Americans look to retire outside of the United States, understanding how a move can impact long term care insurance benefits becomes vital.

“Americans are choosing to retire all over the globe but that can affect the amount of benefits they can claim from their long term care insurance policy,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.    Slome notes an increase in the number of consumers calling with plans to retire in countries like Costa Rica, Panama and Canada.

“They have already purchased long-term care insurance protection or want to get coverage in place before they relocate,” says Slome.  “We explain the policy small print can make a big difference come claim time.”

According to AALTCI examination of policies, many of the leading long term care insurers impose a limitation on benefits when care is needed outside of the United States or territories.   “You can purchase and pay for a policy designed to pay four years of benefits but if the limit is just one year you’ll either have to move back to the U.S. for care or give up the balance available,” Slome notes.

The Association recently posted details of how eight leading insurers address international benefits for their long-term care insurance policies.  “Only one company presently has no exclusions,” Slome notes.  “The others have a variety of limits and rules that apply.”

Long Term Care Insurance Questions To Ask Before Buying

A national news story distributed today features the American Association for Long-Term Care Insurance director shares questions consumers should ask when starting their long term care planning.

“We handle hundreds of calls each month from consumers who don’t know where to begin the process of long term care planning,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “Often they’ve read highly misleading information on the Internet and they are more confused than educated.”

One of the nation’s leading long term care insurance experts noted that planning is as unique as the individual.  “Each one of us is different, has a different approach to financial matters and a different family situation so an off-the-shelf approach to long term care planning is not a good idea,” Slome adds.

As a result of conversations with hundreds of consumers embarking on long term care insurance planning; Slome shared tips on questions to ask at the onset.  “There are questions to ask yourself and questions to ask the insurance or financial professional you chose to work with,” Slome says.

A national news report containing Slome’s comments has started appearing in media across the country.  “We do what we can to heighten understanding on this complex topic in an honest and straightforward way,” he notes.  “Asking good questions is a most important component of getting the right plan for yourself or your family.”

To see some of the key media reporting the Association director’s comments, click these links:

MarketWire
http://www.marketwired.com/press-release/Long-Term-Care-Insurance-Savings-Depend-on-Asking-the-Right-Questions-1970746.htm 

Morningstar
http://ndwebfiles.marketwire.com/NDWebFiles3/content/2014/11/21/1160694//cache/127328742.htm

Yahoo Finance
https://uk.finance.yahoo.com/news/long-term-care-insurance-savings-151800878.html

Arizona Republic
http://ndwebfiles.marketwire.com/NDWebFiles3/content/2014/11/21/1160694//cache/127328753.htm

Increased Long Term Care Insurance Sales Will Benefit Home Care Providers

The nation’s providers of home health care aides and services can expect significantly increased revenue as a result of growing sales of long-term care insurance products.

“We expect 300,000 Americans will purchase a new traditional long term care insurance policy or a combo product in 2015,” predicts Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).  “The maximum potential benefit value for just 2015 new sales will equate to about $5 billion in future benefit payments for home care services.”

Some eight million Americans currently possess some form of long-term care (LTC) benefit and while sales of traditional LTC insurance products have declined in recent years, Slome notes that sales of life insurance and annuity policies that offer long-term care benefits are increasing.  “For the first time, we project annual sales of the newer options will equal and quite possibly surpass sales of traditional long-term care insurance policies.”

The Association estimates the total maximum potential benefit value to all current holders of long-term care insurance policies will approach $2 Trillion (2014 dollars).   The nation’s insurers paid out $7.5 Billion in benefits in 2013 according to an AALTCI report.  “By 2032, insurers expect to pay out in excess of $34 billion as today’s 60-year old policyholder reach their 80s,” Slome notes.

Home health care providers and agencies will be among the leading beneficiaries according to AALTCI analysis.  “Of the billions paid out each year, nearly 30 percent currently pays for home care services,” Slome notes.  “That percentage will grow significantly in the years ahead.”  The most recent Association analysis found that 51 percent of all newly opened claims in 2013 paid for home care services.

“The number of Americans requiring help with daily living at home is expected to more than double from the current 12 million to 27 million by 2050,” explains Margaret Haynes, Chief Operating Officer of Right at Home an international franchise organization.

“People want to remain in their own home when care is needed,” Slome adds.   “As millions of Americans live into their 70s, 80s and beyond, long term care insurance policies will enable millions to receive the care they need in the setting they prefer.”

Long Term Care Insurance Specialist Saves Woman $18,600

Consumers today don’t understand the important role their medical records play in what they will pay for long term care insurance planning cites the head of the American Association for Long Term Care Insurance.

“An agent can only give you his or her best guess of what you’ll pay for long-term care insurance,” declares Jesse Slome, director of the American Association for Long Term Care Insurance.   “The insurance company will examine your medical records and may even conduct their own testing before they tell you what your coverage will cost.   Consumers do not understand how very important those medical records are.”

The Association director pointed out the latest Real People installment showcasing real stories of how working with a knowledgeable long-term care insurance specialist benefited the consumer.

“In this case, the applicant was a single woman in her late 50s who noted that she had been treated for anxiety,” Slome shares.  “However, it turns out that her doctor used the terms anxiety as well as depression interchangeably.   He took them to mean one and the same but that’s not how the insurance company interpreted the matter when reviewing the medical records.”

As a result, the insurance company set her premium at 22 percent more per month.  “Over the years she would have paid $18,600 more to the insurance company simply because of the one word in the report,” Slome declared.   Instead, the long term care insurance specialist helped the individual request written clarification from the physician that resolved the matter.

Long Term Care Insurance Association Urges Planning By Boomers

A national awareness effort implemented today by the American Association for Long Term Care Insurance is urging the nation’s 76 million baby boomers to take long term care planning seriously.

“Americans are living longer and few have any plan in place to deal with the very real risk of needing extended care as the simple result of living a long life,” declares Jesse Slome, executive director of the American Association for Long Term Care Insurance.

In advance of Long Term Care Awareness Month which begins Saturday, November 1st, the trade group released a national news story urging the nation’s baby boomers to plan.

“Too many families wait to address long-term care and find they have very limited options once care is needed,” adds Tiffany Albert, president and CEO of LifeSecure Insurance Company, a LTC insurance provider and supporter of the Association’s efforts and Long Term Care Awareness Month.  “Planning ahead is critical to ensure care is received in a preferred setting, such as at home, and avoid serious consequences that will impact the entire family.”

According to AALTCI’s Awareness Month report, over half (54%) of new long-term care insurance applicants are between ages 55 and 64.   Insurers paid some $7.5 billion in claim payments to over 273,000 policyholders last year.  Over half (51%) of new claims were for home care services and women accounted for 64% of claims.

Reuters
http://www.reuters.com/article/2014/10/30/aaltci-long-term-care-idUSnPn9Bf8pp+90+PRN20141030

MarketWatch (Wall Street Journal digital)
http://www.marketwatch.com/story/baby-boomers-urged-to-consider-long-term-care-insurance-during-awareness-month-2014-10-30

MarketPlace (American Public Radio)
http://thenumbers.marketplace.org/publicradio/news/read?GUID=28586197

National News Services Report Long Term Care Insurance Association’s Report

Leading national media, including print and television outlets, have reported a timely approach to long term care insurance planning being advocated by the American Association for Long Term Care Insurance.

Scroll down to see links to a few select media reports

“Things change and improve and that includes financial products such as long-term care insurance,” declares Jesse Slome, director of the American Association for Long Term Care Insurance.   “Consumers, especially those in their mid-50s to young 60s, will find the new options and innovations especially attractive.”

Consumer education and awareness is a primary objective undertaken by the Association director who just authored the sixth in a series of informative inserts being including in the upcoming edition of Kiplinger’s Personal Finance magazine.

“Price matters to everyone but the super rich and the strategy we focus on helps consumers understand ways to make this important protection fit within their available budget,” Slome noted.  The nationally-recognized long-term care insurance expert was referring to the “Good Better Best” approach he advocates.

The Association made national news this week when a news story focused on the innovative strategy went viral.  “It’s good knowing that millions are being exposed to the virtues of the ‘Good, Better, Best’ approach to long-term care planning,” the AALTCI director shared.  “it’s clearly a message that resonates because it gives people options as opposed to an approach that says here’s your plan, take it or leave it.”

Slome noted he was especially pleased to see the media interest in advance of Long-Term Care Awareness Month which occurs each November.  “This is the perfect kick-off to our on-going efforts to educate consumers about the importance of planning for the very real risk of needing extended care.”

Based in Los Angeles, the American Association for Long-Term Care Insurance was founded in 1998 to create heightened consumer awareness and to support insurance agents and financial professionals who market various products that address long term care expenses.

Yahoo Finance
http://finance.yahoo.com/news/good-better-best-long-term-141800646.html

Morningstar
http://news.morningstar.com/all/market-wired/MWR1153789US/good-better-best-long-term-care-insurance-approach-ideal-for-consumers.aspx

Marketplace
http://thenumbers.marketplace.org/publicradio/news/read/28539115/
 

Better Approach To Long Term Care Insurance Planning Advocated

When it comes to considering long term care insurance protection, price matters says the head of the American Association for Long Term Care Insurance, the nation’s advocacy group.

“Price matters to consumers and not recognizing that has held back sales of this all-important protection,” declares Jesse Slome, director of the American Association for Long Term Care Insurance. The Association director authored the just published Your Guide To Long-Term Care Planning.

“If price didn’t matter, we’d all be driving luxury sports cars and wearing solid gold Rolex watches, but price does matter to most people,” Slome noted. “When it comes to buying long-term care insurance, people understand the benefits of having this coverage but are sensitive to what protection will cost.”

Slome notes that too many existing press articles have created a misperception that coverage is costly. “It’s a vicious circle of reporting that coverage costs thousands which turns off potential buyers, leaving only those willing to buy a more expensive amount of coverage,” he explains.

The ‘Good, Better, Best’ approach to long-term care planning advocated by Slome and espoused in the new guide explains that some coverage is always better than no coverage and that today’s newer policies offer individuals in their 50s opportunities.

Paying $100 a month for long-term care insurance can get you a good base of protection that you can build on in future years,” Slome notes. “But you have to start looking at this when you’re in your mid-50s and can still take advantage of good health discounts and pricing advantages. Add to your coverage down the road when you are older and may be able to afford more.”

“The Good, Better, Best approach gives consumers choices and options because each individual situation is different,” Slome shares. ”It’s a far better approach today and we hope people come to realize that.”

The American Association for Long-Term Care Insurance was established in 1998 to create heightened awareness among consumers and to support insurance agents and financial professionals who market LTC solutions.

Long Term Care Insurance Association Reports Industry Claims Paid

In advance of November’s Long-Term Care Awareness Month, a report from the American Association for Long-Term Care Insurance is making national news.

“The nation’s long term care insurance companies pay $20.5 million a day in claim benefits,” declares Jesse Slome, AALTCI director. “We believe it is important for consumers to understand that claims are paid and consumers definitely get the benefit they sought when purchasing the protection.”

A national news story distributed by the Association reports that long term care insurers paid $7.5 billion in claims last year (2013) and highlights a Florida couple whose parents benefited from having long-term care insurance policies.  “They are just one example of the many people who are benefiting and that number will only grow as more policyholders age and start to need extended care,” Slome adds.

According to AALTCI, the news story has already appeared in MarketWatch, the online national resource for The Wall Street Journal, Reuters and some 300 additional media outlets.  “The Association works hard to educate consumers to the importance of long term care planning,” Slome notes.  “How to buy this coverage and showing that the policies actually deliver is an important component of that story.”

Slome, the creator of Long-Term Care Awareness Month, noted that November is a time when many agents will urge their clients to initiate planning for the eventual risk of needing extended care.

Links To News Stories:

MarketWatch (The Wall Street Journal)
http://www.marketwatch.com/story/long-term-care-insurance-industry-pays-205-million-in-daily-claim-benefits-2014-10-09

Miami Herald
http://markets.financialcontent.com/mi.miamiherald/news/read/28422286/Long_Term_Care_Insurance_Industry_Pays_$20.5_Million_In_Daily_Claim_Benefits

Reuters
http://www.reuters.com/article/2014/10/09/aaltci-daily-claim-idUSnPn1pgZ7s+84+PRN20141009

Long Term Care Insurance Association Director To Speak In Chicago

So much has changed about long-term care insurance except no one tells that to consumers according to one of the nation’s leading experts.

“So much has changed as a result of the Great Recession and that includes long term care insurance,” explains Jesse Slome, director of the American Association for Long Term Care Insurance.   Slome will travel to Chicago to speak to the staff of one of the nation’s foremost distributors of policies.

“Sales of long-term care insurance are slumping and a key reason is a lack of information and awareness of the important changes,” Slome adds.  “No body would pay seven percent for a 30-year mortgage today but that’s about what they cost in 2007.  Consumers understand that because of media and industry awareness efforts.  But when it comes to long term care insurance, it’s almost as if little has changed in the past few years.”

Slome will urge the Chicago audience to educate their markets to the fact that long term care insurance policies today are dramatically different than they were just a few short years ago.  “The new policies have options and features that consumers seek – affordability, options for future growth and flexibility in terms of care options,” Slome will share.  “Someone has to now create the understanding among prospects who want to plan for the very real risk of needing long term care.”

The national expert founded the American Association for Long-Term Care Insurance in 1998 to create heightened awareness and to support insurance agents and financial professionals who market LTC solutions.

Long Term Care Insurance Association Makes Awareness Month Logo Available

 

November marks the 14th anniversary of Long-Term Care Awareness Month an opportunity to create heightened awareness of the importance of planning for extended care.

“The vast majority of Americans who are 50 or older have never planned for the real risk of needing extended care,” explains Jesse Slome, director of the American Association for Long Term Care Insurance.   “It’s hard to get from healthy to dead without needing care which may last for a few days, several months or a number of years.”

To focus attention on the importance of understanding risks, costs and planning options, the Association established Long-Term Care Awareness Month in 2001.   ”The effort to create awareness has been recognized by a Congressional Resolution as well as resolutions and declarations of support by numerous governors and mayors,” according to Slome.

Recent Long Term Care Insurance Savings Idea Posted By Association

The thirteenth installment in the Real People – Real Long Term Care Insurance Savings Ideas was posted recently by the American Association for Long-Term Care Insurance.

“This has become the most visited page on the Association’s website,” declares Jesse Slome, executive director of the Association, a national trade group focused on creating heightened awareness.   ”Clearly people are seeking to understand how to best compare long term care insurance to get the best coverage for the best cost.”

The Association began posting examples of real ways different consumers approached their own personal long term care planning.  “We are sharing ideas that few consumers know and that’s simply because most insurance agents sell a one-size-fits-all approach to long term care insurance,” Slome admits.

This  installment focuses on a college professor with considerable savings and retirement income.  “Many people in this position have the ability to pay for the cost of long term care but they want insurance to pay some of the cost which makes sound financial sense,” Slome shares.

“In this case, the long term care insurance specialist suggested a 365 day Elimination Period whereby the client would cover the first year of any costs,” Slome notes.  “That reduced the cost of insurance considerably but we share more about how the nuances of policy language are important come claim time.”

“We encourage comparison shopping but few consumers have the time or knowledge to really compare policies,” Slome adds.  “True expertise comes from experience that is really acquired over time.”

The American Association for Long Term Care Insurance is a national organization that advocates for sound and responsible planning for the real risk of needing long term care services.

Long Term Care Insurance Buyers Tip For Different Aged Couples

There’s no reason a husband and wife both applying for long-term care insurance should spend 50 percent more each year declares the director of the American Association for Long-Term Care Insurance.

“Take a common scenario where the husband is 65 and the wife is 55,” share Jesse Slome, executive director of the Association, a national trade group focused on creating heightened awareness.   ”They could pay $2,475 a year by choosing one leading insurer or they could pay $3,675 yearly if they chose a different insurer an almost 50 percent difference.”

Slome was sharing real examples of why it is increasingly important for consumers to comparison shop when considering long-term care insurance protection.   “People mistakenly think this is a commodity and that all prices are going to basically be the same but that is clearly not true today,” Slome advised consumers.

“If the husband is older, one long-term care insurance combination will be better,” Slome notes.  “If the wife is older, another is going to be the better buy, this is one of those nuances that few people are aware of.”

“Contacting an insurance company directly is not going to get you the comparison you seek,” Slome advised the group.  “It will put you in touch with an agent who will clearly favor that company but he or she may not be appointed to sell other companies so don’t expect an unbiased comparison.”
“Prices for virtually identical coverage will vary considerably, discounts available will vary and even acceptable health conditions will vary from one insurance company to the next,” Slome notes.  “We encourage comparison shopping but few consumers have the time or knowledge to really compare policies.  True expertise comes from experience that is really acquired over time.”

Long Term Care Insurance Association Offers Free Presentation

Insurance agents and financial professionals who sell long term care insurance products now have free access to watch a session recorded at the 2014 National LTC Sales Summit.

“We are offering free access to watch the special 30-minute filmed presentation,” explains Jesse Slome, director of the American Association for Long Term Care Insurance.   The organization recently held it’s annual conference attended by over 500 insurance professionals.  Free access will be available through September 30, 2014.

For the first time, most of our conference workshops were filmed.  “A number of select sessions were streamed live online and viewed by several thousand agents,” Slome notes.  “All the recorded sessions became part of an On Demand library accessible for a nominal fee.  We are now making the first of those sessions available for viewing at no charge.”

The 30-minute session focuses on strategies for dealing with prospects and clients who are unable to health qualify for traditional long-term care insurance.  “As many as half of the market can’t health qualify, so alternative options are valuable to the prospect and also a great way to earn extra income,” Slome adds.

Free access will be available through September 30th.  In addition, the Association is offering a special 50-percent discount to those who order access to the full package of conference recorded sessions.    Details are available on the website.

To access the free video, go to http://www.fleetwoodonsite.com/aaltci/promo/

The American Association for Long Term Care Insurance was established in 1998 to create heightened awareness for the importance of planning and to support insurance professionals who market LTC solutions.

Long Term Care Insurance Association Launches Effort Focused On New Ways To Reduce Costs

A national campaign launched this morning focuses on newer options that provide individuals considering long term care insurance added flexibility as well as significant cost savings.

“Having long term care insurance coverage that can increase as care costs tend rise is valuable,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group.   The Association launched a national consumer awareness effort today to heighten awareness of the many options now available for future benefit increases.

The Association kicked off the effort with a national media campaign that has already generated news features in The Wall Street Journal’s MarketWatch, on Reuters, Bloomberg BusinessWeek and a variety of other news media.

According to Slome, a healthy 55-year old couple might pay $1,440-per-year (combined) to obtain $175,000 of long-term care insurance protection for each spouse.   “If they add an option that increases their potential benefit amounts by five percent yearly, they’ll face paying $5,850 yearly ($487-per-month),” he explains.  “That is clearly too expensive for most consumers today.”

The Association director points out that the same 55-year-old couple selecting a policy where future benefits increase by one percent annually will pay $150 monthly.  “The cost for benefits growing two percent yearly is roughly $175-per-month,” the AALTCI director explains.

“Too many inexperienced insurance agents today take an ‘off the shelf’ approach to recommending a long-term care insurance policy,” Slome notes.  “What worked two, three or five years ago is totally different today and consumers would greatly benefit by comparing the most current available options that increase their potential benefits.”

Slome points out that some newer, more innovative policies also allow insureds the flexibility to make future adjustments to their benefit growth percentage.    “The ability to change the future growth factor is a really meaningful built-in feature that is worth looking at,” Slome adds.

Comparisons Essential For Overweight Persons Considering Long Term Care Insurance

Over two thirds of American adults are overweight and those considering long term care insurance protection need to understand some important facts explains the director of the American Association for Long-Term Care Insurance.

“People incorrectly believe that everyone qualifies to get long term care insurance and that all policies are pretty much identical,” declares Jesse Slome, director of the Long-Term Care Insurance a national trade group.   ”That’s simply not the case and understanding how weight impacts your insurability is one of the areas people to know more about.”

According to Slome some 69 percent of American adults are overweight.  “A significant number are considered obese which means they weigh 100 pounds more than the ideal maximum for their height,” the AALTCI director notes.

The Association just posted a new example of how weight impacted a real New York couple purchasing long term care insurance.  “The husband was 5-7 and weighed just around 255 pounds which was the maximum acceptable weight for the insurer being recommended by his local insurance agent,” Slome notes.  “The agent was encouraging John to submit an electronic application but that could have been a very costly mistake.”

Slome shared with consumers that each insurer establishes their own minimum and maximum.  “If the scale tipped over the 256 pound mark when John underwent the insurer-required physical, he would have been declined,” Slome shared with the group.  “The agent probably didn’t know that other insurers had higher weight limits.  Few agents today have the interest or knowledge to help a consumer comparison shop,” he added.

Ultimately a long term care insurance specialist recommended John consider coverage from a copy that had no height and weight qualification.  “This particular company will immediately reject anyone who has previously been declined insurance within the past three years,” Slome notes.  “Had John been declined by the original insurer he would have been out of luck.”

“Too many inexperienced insurance agents today take an ‘off the shelf’ approach to recommending a long-term care insurance policy,” Slome notes.  “Today, a consumer will really benefit by working with a specialist who has knowledge of all the major insurers, their provisions and requirements — the small print that few take the time to learn.”

AARP Long Term Care Insurance Misconceptions

Consumers mistakenly believe AARP,  formerly the American Association of Retired Persons, offers AARP long term care insurance policies says the head of the American Association for Long Term Care Insurance.

“At one time, AARP had long term care insurance policies but no longer,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  Slome was a guest on a radio financial talk show answering consumer inquiries.

“AARP makes its income off insurance product sales by endorsing providers,” Slome noted.  According to Wikipedia data, AARP made $652 million in royalties from insurance companies that sold products referred by AARP and an additional $120 million for advertisements placed in its publications.  “This was from 2008 data and at that time, AARP did offer an endorsed long term care insurance policy but that’s no longer the case.”

Slome explained to consumers that every product has advantages and disadvantages.  “It’s good that people trust a brand name but that doesn’t mean it’s their best option and certainly may not be the best price.”

The American Association for Long Term Care Insurance is a national member-supported organization that advocates for sound and responsible planning for the real risk of needing long term care services.  The national organization is headquartered in Westlake Village, CA.

Avoid Long Term Care Insurance Marriage Penalty

Married couples thinking about long term care insurance protection should be aware of a potential price penalty that can apply when only one spouse applies or health qualifies for insurance.

“It’s not uncommon today to see married couples who only want long term care insurance protection for one spouse, perhaps a much older husband,” explains Jesse Slome, director of  the American Association for Long-Term Care Insurance.  ”There are also many couples where one spouse has existing health issues that prevent qualifying for insurance.  Or worse, the agent says they should apply only to have them declined by the insurer.”

According to the long term care insurance expert, some leading insurance companies do not offer the common spousal discount when only one spouse applies or heath qualifies.  “While some do not offer a discount, others do offer a discount even when only one spouse applies and the resulting savings can be significant,” Slome points out.

The marriage penalty was cited in the Association’s latest online installment revealing real examples of how real people saved money when purchasing long term care insurance.  “Because the policies are complex and they don’t sell many policies, insurance agents or financial planners today are often only familiar with one or two insurers,” Slome shared with consumers.

The example reports how a 63-year-old married man who was only seeking coverage for himself, saved 40 percent yearly simply because the long term care insurance specialist knew which companies offered single men lower rates and partial spousal discounts.

“He not only saved $1,000 a year but ended up with some significantly better protection than what his financial planner had recommended,” Slome adds.   “We encourage comparison shopping but few consumers have the time or knowledge to really compare policies.  True expertise comes from experience that is really acquired over time.”

Long Term Care Insurance Savings For Women Executives A Little Known Benefit

Single women purchasing long term care insurance protection now pay as much as 50 percent more than single men for identical coverage.  An expert shares how working single women can still avoid the price difference.

“Two thirds of all long term care insurance claim benefits are paid to women so it is understandable why insurers started charging women more than men,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group.    Over the past year, leading insurers adopted ‘sex distinct’ pricing where women pay more for new coverage.

According to Slome, single women buying through the workplace can still benefit from the availability of unisex pricing.  “There are millions of single women working today who can save significantly when purchasing long term care insurance offered in an employer setting,” he notes.

A recent AALTCI analysis found a single female age 55 could save anywhere from 45-to-135 percent on coverage bought at work.   ”Buying coverage worth nearly $400,000 at age 85 can cost $1,825 annually when taking advantage of group discounts and unisex pricing,” Slome shares.  “Without those worksite advantages, a single 55-year-old female might pay anywhere from $2,685 to $4,250 a year.”

Workplace Long Term Care Insurance Is Ideal For Women

“More than ever, small and mid-sized businesses with female owners and key executives have a significant reason to consider offering long-term care insurance,” explains George Mellendorf, president of LTC Solutions   “Of course, long term care planning is essential for both men and women.”

Plans can be offered on a voluntary basis paid by payroll deduction or the employer may contribute a nominal amount.  It may even be possible to offer company-paid coverage exclusively for executives and key employees.    “Today, even small groups with as few as 10 employees can qualify for simplified health underwriting and pricing discounts that can reduce costs,” shares Mellendorf.

Long Term Care Insurance Rate Increase Misperceptions Are Leading Agent Concern

A significant percentage of consumers now hold a mistaken perception that costs for all long term care insurance policies will increase yearly and that is a major concern among leading insurance specialists polled by the American Association for Long Term Care Insurance.

“So much media attention has been given to increases on older long term care insurance policies that it’s understandable why consumers assume policies purchased today will similarly be impacted,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group that polled leading long term care insurance specialists.

According to feedback from participants in the Association’s survey, consumers interested in long term care insurance believe they’ll experience annual increases that can be as much as 50-to-90 percent.   “This is of course not the case,” Slome explains, “but overcoming perception when you are in a defensive position is difficult to accomplish.”  The Association hopes to develop consumer educational material that explains the increase that has affected older long term care insurance policies.

“The mistaken perception is definitely a barrier to people purchasing this important protection and unfortunately their fears are unfounded,” Slome adds.  “Policies sold today inherently have little risk of future rate increases so it is important to explain why the past does not predict the future and government regulations provide important protection for concerned consumers.”

Assisted Living Partner Sought By Long Term Care Insurance Association

An increasing number of aging Americans are seeking to reside in assisted living communities and using long term care insurance to pay for qualifying costs according to the director of the American Association for Long-Term Care Insurance.

“Americans mistakenly associate long term care with nursing home care and that’s clearly something that needs to be addressed, declares Jesse Slome, executive director of the Association, a national trade group focused on creating heightened awareness.   ”The majority of long term care today takes place outside of a nursing home environment.”

To make consumers aware of the growing importance of assisted living the Association is seeking an organization interested in creating heightened awareness.  “We have hundreds of thousands of consumers visiting the Association’s website each year and that alone provides us with an incredible opportunity to educate.”

The Association just published its mid-year report.  “Our focus on home care and the role of long term care insurance in paying for home care services has generated increased traffic to the Association’s website and exposure for the two supporting home care organizations that support our efforts,” Slome shared.   “A partner will enable us to create the same level of understanding of the many benefits of assisted living community residency for those who are aging and may or may not have a need for long term care.”

Long Term Care Insurance Association Supports New York Legislation

The American Association for Long Term Care Insurance announced support of legislation calling for a public awareness program creating heightened awareness of the availability of long term care insurance.

“Just over 400,000 New Yorkers own long term care insurance protection and an awareness campaign would certainly create heightened understanding of the risk to millions of New Yorkers,” explains Jesse Slome, dir4ector of the American Association for Long Term Care Insurance.  “Families would benefits and the future burden on New York taxpayers would be reduced.”

Speaking to selected New York insurance professionals Slome explained that long term care insurance can not just help New Yorkers receive the kind of quality care they want but can also help reduce the burden on taxpayers.  “People who have savings and assets and insurance to pay for care do not have a need to turn to the State for assistance,” Slome notes.  “A small investment in awareness can result in significant future tax savings.”

Video Explores Ways To Compare Long Term Care Insurance Costs

The costs, benefits and even health requirements required to obtain for long term care insurance can vary significantly according to a new consumer education video posted by the American Association for Long-Term Care Insurance.

“Every day we receive calls from consumers who are looking into long term care insurance for the first time,” explains Jesse Slome, executive director of the Association, a national trade group focused on creating heightened awareness.   ”This is one of the most complicated and confusing financial products and it can seem overwhelming and confusing.”

“You can shop online for a bank CD and even for simple insurance products like term life but that really is not true for long term care insurance,” Slome notes.  “We believe that this has evolved into a complicated product and that a consumer is best served by working with a knowledgeable specialist who understands the nuanced differences between policies and, most importantly, has been approved to compare and coverages from more than one company.  You are not likely to ever read your policy, though you should, but you want an agent who really understands and is familiar with the small print that will control how your benefits are eventually paid out.”

The brief two-and-a-half-minute informational recording was filmed at the 2014 Long Term Care Summit held in Kansas City.  Slome shares the three questions consumers can ask to determine if the insurance agent one works with is truly a specialist.    For more information and access to the video go to https://www.youtube.com/watch?v=LdCfR0zTgF4&feature=youtu.beyoutu.be

The American Association for Long Term Care Insurance is a national organization that advocates for sound and responsible planning for the real risk of needing long term care services.  The national organization is headquartered in Los Angeles, CA.

Long Term Care Insurance Producers Group Reaches Milestone

The nation’s largest online networking, learning and discussion group hosted by the American Association for Long Term Care Insurance has surpassed the 5,000 member mark.

“This is a significant milestone that we are very pleased to have achieved,” declares,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group. Slome created the discussion group and serves as the online moderator and host.

“Insurance professionals need a way to get information and answers from other peers without a barrage of promotional messages and ads,” Slome notes. “We don’t allow any of that which keeps the information very focused on what participants want; to share insights and to rapidly get answers to their difficult questions.”

The Association utilizes Linkedin to host the group offering free access to any insurance or financial professional seeking to know more about long term care insurance or long term care hybrid products. "Linkedin is the place where professionals network and with some 300 million participants it’s a most viable platform today.”

Access to join the group is available to any insurance professional with a personal Linkedin profile. “Simply do a Group search for the term Long Term care Insurance Professionals and request to join,” Slome shares. The Association hosts a second growing group exclusively focused on Medicare Supplement insurance marketing and sales.

Consumer Long Term Care Insurance Savings Idea Posted By AALTCI

June 5, 2014 –  Was it ‘bait and switch’ or just an uninformed insurance agent asks the latest example of ways consumers can save posted to the American Association for Long Term Care Insurance Consumer Information Center.

“Consumers need to understand that rates quoted by insurance agents are not binding until confirmed by the long term care insurance company,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.   ”If an agent quotes the lowest rate and you don’t meet the health requirements, you will need to pay more or reduce your benefits.”

Slome notes that consumers calling the organization are confused and often upset with what they perceive as a bait and switch approach.  “It’s most likely just an agent unfamiliar with the current health requirements, but that matters little to the consumer facing paying more money than they expected,” Slome notes.

The Association shares an example of a real single woman from Kansas who was quoted coverage at the best rate.  “When she called a long term care insurance specialist for a comparison quote, the specialist did not believe she would qualify for that rate from that particular insurer,” Slome adds.  “She’d likely have to pay at least 11 percent more yearly.”
The story had a happy ending for the consumer.  The specialist was able to have her qualify for equal coverage with another insurer .  “She got the same protection and wound up paying 36 percent less,” Slome adds.

Requesting a comparison proposal proved beneficial according to the real example.  ”If you have been prescribed medications, even if you don’t currently take them or have health conditions that will be found when your medical records are examined, it really pays to seek a comparison,” Slome suggests.”

“When starting the process of looking into long term care insurance, one of the most important decisions you’ll make is deciding who to work with,” Slome counsels.  The Association director suggests three questions to evaluate an insurance professional’s expertise in the long-term care insurance field.  “Ask how many individuals they have helped get insurance, the number of years they have focused on LTC insurance and how many insurance companies they are appointed with,” he advises.  “If an insurance broker is appointed with multiple companies, he or she will do the comparison shopping for you.”

Long Term Care Insurance Rate Increase Misperceptions Are Leading Agent Concern

A significant percentage of consumers now hold a mistaken perception that costs for all long term care insurance policies will increase yearly and that is a major concern among leading insurance specialists polled by the American Association for Long Term Care Insurance.

“So much media attention has been given to increases on older long term care insurance policies that it’s understandable why consumers assume policies purchased today will similarly be impacted,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group that polled leading long term care insurance specialists.

According to feedback from participants in the Association’s survey, consumers interested in long term care insurance believe they’ll experience annual increases that can be as much as 50-to-90 percent.   “This is of course not the case,” Slome explains, “but overcoming perception when you are in a defensive position is difficult to accomplish.”  The Association hopes to develop consumer educational material that explains the increase that has affected older long term care insurance policies.

“The mistaken perception is definitely a barrier to people purchasing this important protection and unfortunately their fears are unfounded,” Slome adds.  “Policies sold today inherently have little risk of future rate increases so it is important to explain why the past does not predict the future and government regulations provide important protection for concerned consumers.”

Consumer Long Term Care Insurance Savings Idea Posted By AALTCI

Was it ‘bait and switch’ or just an uninformed insurance agent asks the latest example of ways consumers can save posted to the American Association for Long Term Care Insurance Consumer Information Center.

“Consumers need to understand that rates quoted by insurance agents are not binding until confirmed by the long term care insurance company,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.   ”If an agent quotes the lowest rate and you don’t meet the health requirements, you will need to pay more or reduce your benefits.”

Slome notes that consumers calling the organization are confused and often upset with what they perceive as a bait and switch approach.  “It’s most likely just an agent unfamiliar with the current health requirements, but that matters little to the consumer facing paying more money than they expected,” Slome notes.

The Association shares an example of a real single woman from Kansas who was quoted coverage at the best rate.  “When she called a long term care insurance specialist for a comparison quote, the specialist did not believe she would qualify for that rate from that particular insurer,” Slome adds.  “She’d likely have to pay at least 11 percent more yearly.”

The story had a happy ending for the consumer.  The specialist was able to have her qualify for equal coverage with another insurer .  “She got the same protection and wound up paying 36 percent less,” Slome adds.

Requesting a comparison proposal proved beneficial according to the real example.  ”If you have been prescribed medications, even if you don’t currently take them or have health conditions that will be found when your medical records are examined, it really pays to seek a comparison,” Slome suggests.”

“When starting the process of looking into long term care insurance, one of the most important decisions you’ll make is deciding who to work with,” Slome counsels.  The Association director suggests three questions to evaluate an insurance professional’s expertise in the long-term care insurance field.  “Ask how many individuals they have helped get insurance, the number of years they have focused on LTC insurance and how many insurance companies they are appointed with,” he advises.  “If an insurance broker is appointed with multiple companies, he or she will do the comparison shopping for you.”

Always Looking for New Content and Information

I am always looking for new resources and content to be added to my blog. If you have any resources or content that you think would be of value and importance to my readers please forward to my email address as shown on the left side of my blog.

In the meantime I want to thank all my weekly readers and my goal is to give you the best and latest information on the subject of Long Term Healthcare Insurance.

Should Long Term Care Insurance Cost Women More?

There is sound reasoning that explains why women pay more for long term care insurance contends one of the nation’s leading long term care insurance experts.

“Prices for insurance are based on risk which is why men pay more for life insurance and bad drivers pay more than good drivers,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI). Slome was reacting to the National Women’s Law Center administrative complaint filed against Genworth, John Hancock, Transamerica and Mutual of Omaha on the grounds that gender-based premiums for long-term care insurance violated a provision of the Affordable Care Act.

“I wonder if they realize that men pay more for Medicare Supplement insurance, which augments Medicare health benefits?” Slome posited. He noted that a recent comparison of equal policy amounts revealed that men paid 15 percent more than a same-age female applicant.


“Women have a far greater risk of needing long term care insurance and, in fact, receive two-thirds of the claim benefits paid by insurers,” Slome noted. The organization recently released the results of a study reporting that long term care insurers paid some $7.5 billion in claim benefits in 2013, a significant increase over the prior year.

According to AALTCI, unisex rates, where single women pay the same as single men, are still available in a number of states. “The opportunity to take advantage of this is ending as insurers continue to roll out new policies on a state-by-state basis,” Slome admitted. The Association recently reported that unisex rates could still be found in 16 states. “But the number keeps declining which is why we urge single women in their 50s and 60s to at least inquire into what long term care insurance costs,” Slome shared.

Five Long Term Care Insurance CEOs Address AALTCI Conference Today

Where is long term care insurance heading will be the focus of a 90-minute keynote session at the nation’s largest long term care insurance conference set to begin this Sunday in Kansas City.

Organized by the American Association for Long Term Care Insurance, an industry trade group, a highlight of the three-day event will be the LTC CEO Forum where five heads of leading insurers address the past, present and future. “The past five years have witnessed enormous change in the long term care insurance industry and this is the time to hear what’s in store,” declares Jesse Slome, director of the American Association for Long-Term Care Insurance. “Five industry leaders who represent leading players with different perspectives will share their outlook and perhaps most important question each other and take questions from the audience.”

Because of the expected heightened interest, the CEO panel session will be broadcast free of charge online. Access is available to any insurance agent or financial professional with Internet access. “This marks the first time that live sessions will be broadcast direct from a major insurance industry conference that can be accessed for free,” Slome adds. The conference broadcast is being streamed by Virtual Insurance Conferences and Expos, an entity established to broadcast insurance events.

According to Slome, heads of five leading insurers including Genworth Financial, John Hancock Insurance, Transamerica Long Term Care, Lincoln Financial and Northwestern Mutual will participate in the panel. Those attending will be allowed to pose questions to the panel. “Those watching online will also be able to ask questions via the free online chat taking place,” Slome notes.

Group Long Term Care Insurance Gains Favor As Options Increase

An increasing number of small businesses are investigating long term care insurance as an employee benefit or as a tax-favored benefit for owners according to a just-published report.

“Interest in long term care insurance is growing again especially among firms with 20-to-99 employees,” reports Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group.    There are five million companies with that many employees according to the latest U.S. census data.  They account for over 20 million workers.

According to AALTCI, many insurers offer discounts to group enrollees compared to standard plans available to individuals.  “Today, there is enormous flexibility in terms of benefit options as well as who is offered coverage,” Slome notes.  “Plans can be offered on a voluntary basis paid by payroll deduction or the employer may contribute a nominal amount.  It may even be possible to offer company-paid coverage exclusively for executives and key employees.”

Long Term Care Insurance Plans Not Regulated By Obamacare

“Long term care insurance plans are not regulated under the Affordable Care Act (Obamacare) so employers have a great deal of flexibility,” explains George Mellendorf, president of LTC Solutions, a national distributor of individual and multi-life long term care insurance headquartered in Cape Coral, FL.   “Even small groups with as few as 10 employees can qualify for simplified health underwriting and pricing discounts that can reduce costs by between five and 10 percent annually.”

The AALTCI analysis of 8,000 employer plans sold in the past few years found that 21 percent of participants were less than 54 years of age with four percent of buyers age 44 or younger.  “Participants in employer-sponsored plans tend to be younger and nearly 40 percent had incomes under $75,000,” Slome notes.  “That is an important trend and we foresee continued growth of sales to buyers within small groups in the years ahead”, explains Tim Kneeland, President of Transamerica Long Term Care, a leading provider of long term care policies within small groups.

Individuals or small employer groups interested in learning more or seeking  long term care insurance costs can contact me.

Tips on Long Term Care Planning

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.

Long Term Care Insurance Rates Vary For Smokers

The latest example of how a couple reduced their cost for  long term care insurance has been added to the American Association for Long Term Care Insurance Consumer Information Center.

“About one in five American adults smoke and, as a result, they will pay more for various insurance products including long term care insurance,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.

“However, while some insurers charge around 10 percent more, others will charge up to 45 percent more for the same level of coverage.”

An example of a real couple from Wisconsin has just been added to the Association’s website sharing real examples of ways to reduce the cost or gain better coverage.   ”The new feature on the Association’s website has generated enormous positive feedback and has become one of the most highly read sections on our website,” Slome adds.

“In this situation, the couple who were both in their late 50s received a recommendation for long term care insurance that would cost around $4,100 annually.   “While the policy was from a leading insurer, they decided to get a second opinion and requested information from a specialist who represented multiple long term care insurers,” Slome notes.  “Unfortunately, the inexperienced insurance agent either did not know the company he recommended charged a significantly higher premium to smokers.”

As a result, the couple were able to purchase a significantly higher level of long term care insurance benefits that actually cost them less money.   ”A benefit of specializing in this business is not just knowing more about the products but knowing the significant pricing differences that really matter over many years.”

“When starting the process of looking into long term care insurance, one of the most important decisions you’ll make is deciding who to work with,” Slome counsels.  The Association director suggests three questions to evaluate an insurance professional’s expertise in the long-term care insurance field.  “Ask how many individuals they have helped get insurance, the number of years they have focused on LTC insurance and how many insurance companies they are appointed with,” he advises.  “If an insurance broker is appointed with multiple companies, he or she will do the comparison shopping for you.”

Long Term Care Insurance Savings Tip Added To Association Website

The latest tip for saving money and getting better long term care insurance costs and benefits has been added to the website of the American Association for Long Term Care Insurance.

“The new section offering consumers real examples of ways real people achieved significant savings and found ways to get better benefits has become one of the most highly read sections on our website,” declares Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.   The organization has been adding one new example each week.

“People mistakenly think all long term care insurance policies are the same,” Slome notes.  “Not only are policies different but prices are different.   An off-the-shelf approach often just isn’t in the best interest of the prospect and we’ve been showcasing real examples of such situations.”

The latest scenario discusses how a financial planner proposed coverage costing $5,000 a year that the single woman, age 56, felt was more than she wanted to spend.   “Working with a specialist who really understood how to take advantage of available discounts, she was able to get coverage for both her and her significant other for $1,400 a year,” Slome explains.

“Some insurance and financial products are highly specialized and long term care insurance is certainly one where the consumer can benefit by speaking with a knowledgeable specialist,” Slome adds.  “In this particular situation, the male in the relationship was adamantly opposed to getting insurance coverage.  However, by getting him coverage that cost $300-a-year, she was also able to save $800-a-year. ”

“One of the most important decisions you’ll make is deciding who to work with,” Slome advises.  The Association director suggests three questions to evaluate an insurance professional’s expertise in the long-term care insurance field.  “Ask how many people they have helped get this insurance, how many years they have focused on LTC insurance and how many insurance companies they are appointed with,” he advises.  “If an insurance broker is appointed with multiple companies, he or she will do the comparison shopping for you.”

Long Term Care Insurance Education Campaign For Those With $1 Million Plus

A long term care insurance information campaign focused on the over 9.6 million Americans worth $1 million or more was called for today.

“The number of Americans worth over $1 million has increased 24 percent increase over the past four years.,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.  “Individuals worth between $1 and $5 million would benefit from an understanding of how long term care insurance can benefit their financial and family situation.”

According to a recent report, the number of Americans worth between $1 million and $5 million reached 9.63 million in 2013, up from 7.8 million in 2009.  The number of those worth between $5 and $25 million grew to 1.2 million up from fewer than one million in 2009.

Being worth over $1 million is a commendable achievement and many mistakenly believe self-insuring against risks like long term care is the advisable option.  “There are reasons why transferring some of the risk with insurance makes both financial and psychological sense,” Slome points out.  The long term care insurance expert notes that assets may not be liquid, forcing sale at a less than ideal time.

“Individuals who have acquired significant assets often have plans to leave the funds to family members or a particular church or organization,” the long term care planning expert noted.  “Insurance can help keep their financial plans in place but financial benefits are just part of the reason individuals should consider protection.”

Long term care insurance planning for wealthy individuals involves comparing a variety of plan options.  “People mistakenly believe all insurance is pretty much the same and nothing could be farther from the truth today,” Slome acknowledges.  “If you have assets, you may want to consider a more modest level of insurance that will save you money,” he adds.  “If you need care, insurance will pay some of the cost and your personal savings will pay a part but not all.  That can make good financial sense.”

Long Term Care Insurance Association Shares Money Saving Strategies

An initial series of real examples of ways individuals saved on their long term care insurance have been published long term care insurance cost comparisons from long term care insurance specialist online by the American Association for Long Term Care Insurance, a national trade group.  The organization plans to add one new idea weekly as part of their consumer awareness and educational efforts.

“More Americans are investigating long-term care insurance for the first time and mistakenly think all plans, options and prices are pretty standardized,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    ”They are shocked to learn how simple it is to overpay for coverage or how by asking the right questions, they can save hundreds of dollars every year.”

As part of the organization’s consumer awareness and education efforts, the Association has added real examples of ways people reduced the cost of their coverage or secured better benefits suited to their particular situation and budget.  “Our goal is to give people real examples that they may relate to,” Slome adds.  “By reading the explanations a consumer can learn what to look for and what questions to ask.”

The Association plans to add one new real example each week.   Many of the examples are provided by long term care insurance specialists.  “If you have heart issues you want to consult a cardiologist who specializes,” Slome explains.  “Today, your long term care options can be enormously complex and working with a long term care insurance specialist can be beneficial even if all you want is to get a second opinion,” he adds.

The initial situations examine situations where an individual wanted her daughter to provide care.    “Two policies appeared to both offer this option but one limited the benefit that would be paid to unlicensed family members,” Slome reports.  “Unless you read the insurance policy small print, you’d never know this until you actually file a claim years from now.”

Long Term Care Insurance Partnership Information Provided

A new online resource dedicated to information on the Long Term Care Insurance Partnership Program was launched today by the American Association for Long-Term Care Insurance.

The Partnership is a joint federal-state policy initiative to promote the purchase of private long term care insurance.   Available in the majority of states, the Partnership Program is intended to expand access to private long term care insurance policy to pay for long term care services.  The program has grown since being introduced initially in four states, California, New York, Connecticut and Indiana.

“The Association has been receiving a number of inquiries by individuals frustrated that no single resource exists where current information regarding approved states is available,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    ”The Association’s website seemed the perfect resource as thousands of individuals visit the site looking for information.”

An updated list of states is a prominent feature of the new webpage.  “We show effective dates for all 50 states and the District of Columbia as well as which states offer policy reciprocity.  In addition, a number of Frequently Asked Questions are addressed.

The American Association for Long Term Care Insurance is the national trade organization established to provide consumer information and connect interested consumers with professional long term care insurance specialists.  “Some insurance products are commodity products but long term care insurance can be quite complex and working with a knowledgeable specialist is typically the best choice for a consumer,” Slome notes.

Boomers Overlook Long Term Care Insurance Tax Deduction Strategy

The future tax deductibility of long term care insurance premiums is overlooked by millions of working age baby boomers.

“An individual can deduct as much as $4,660 for long term care insurance premiums paid in 2014,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group.  The maximum amount for 2013 is $4,550.  ”During their working years, individuals rarely qualify for the long term care insurance tax deduction. After retirement, qualifying is typically easier.”

The Internal Revenue Service considers tax-qualified long term care insurance premiums a medical expense for individuals. The yearly maximum amount depends on the insured’s attained age at the close of the taxable year.  “Someone older than 50 but younger than 60 can deduct up to $1,400 ($2,800 for a same-age couple),” Slome notes.  An individual age 70 or older can include up to $4,660 ($9,320 for a same-age couple).  The amounts are indexed for inflation and increase each year.

“During your working years, it’s hard to take advantage of the long term care insurance tax deduction,” Slome admits. “Your salary or self-employed income makes meeting the IRS-required threshold (to deduct medical expenses) difficult.”  Only 22 percent of the 10.4 million tax returns filed by individuals between 55 and 65 who itemized deductions in 2011 had medical and dental expenses in excess of the limitation.

After retirement age the reverse is true. “Your salary income drops or disappears completely making it far more likely you’ll be deducting medical expenses,” Slome shares.  IRS data validates that nearly 60 percent of the 8.1 million tax filers age 65+ who itemize deductions had medical expenses in excess of the limitation.

“After retirement owning long term care insurance can help lower your tax bill,” Slome says. “But, it’s best to obtain this coverage prior to retirement because the costs are lower and you are more likely to meet health qualification requirements,” the expert adds. “The ‘Buy Now – Deduct Later‘ strategy secures your protection. The future tax deduction is an extra benefit for your post-retirement years.”

Long Term Care Insurance Rate Increase Reporting Distorted

Consumers considering the purchase of long term care insurance for themselves or their spouse now mistakenly believe their cost will increase on a regular, sometimes yearly basis cites Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).

According to an informal survey just conducted by the Association’s Consumer Information Call Center, concern about future rate increases is one of the more frequent concerns among those considering insurance coverage.

“It’s understandable and unfortunate because little is being done to address the mistaken perception that increases on policies written years ago mean new policies will be treated similarly,” admits Slome.   “And, then you have those who advocate for a national government long term care program misfeeding incorrect information which only throws fuel on the fire of confusion.”

Slome referenced a recent article posted on the Forbes website that could easily mislead readers into thinking all newly written long term care insurance policies will face a two-to-five percent yearly increase in costs.  “This is blatantly not true and a quote used to mislead,” Slome explains, “but a consumer reading this could understandably think it’s likely to happen to them.”

According to the Association, premiums for long term care insurance are designed to be ‘level’.   “The price is based on your age when you apply and set,” he notes.  “If an insurer wants to charge more in future years they must seek approval from the State Departments of Insurance and provide a substantive demonstration of why a rate increase is needed.  Something significant must have changed that impacts their future ability to pay claims.”

“The past does not equal the present or the future,” Slome notes.  He cites that rate increases on individual policies written years ago had the greatest impact on options that raised benefit amounts by five percent annually.  “Insurers did not anticipate the sustained low interest rate environment but today’s new policies are priced with that already factored in, so that concern shouldn’t remain.  People were given the option to continue paying the same amount but their future benefits would now start growing at say three percent.”

Slome hopes to undertake some further consumer awareness efforts to help address the concern of consumers.   “This is a complex topic and if people are concerned we owe it to them to address concerns in a straightforward and honest approach,” Slome concluded.

Should Long Term Care Insurance Cost Women More?

There is sound reasoning that explains why women pay more for long term care insurance contends one of the nation’s leading long term care insurance experts.

“Prices for insurance are based on risk which is why men pay more for life insurance and bad drivers pay more than good drivers,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    Slome was reacting to the National Women’s Law Center administrative complaint filed against Genworth, John Hancock, Transamerica and Mutual of Omaha on the grounds that gender-based premiums for long-term care insurance violated a provision of the Affordable Care Act.

“I wonder if they realize that men pay more for Medicare Supplement insurance, which augments Medicare health benefits?” Slome posited.    He noted that a recent comparison of equal policy amounts revealed that men paid 15 percent more than a same-age female applicant.

“Women have a far greater risk of needing long term care insurance and, in fact, receive two-thirds of the claim benefits paid by insurers,” Slome noted.  The organization recently released the results of a study reporting that long term care insurers paid some $7.5 billion in claim benefits in 2013, a significant increase over the prior year.

According to AALTCI, unisex rates, where single women pay the same as single men, are still available in a number of states.  “The opportunity to take advantage of this is ending as insurers continue to roll out new policies on a state-by-state basis,” Slome admitted.   The Association recently reported that unisex rates could still be found in 16 states.  “But the number keeps declining which is why we urge single women in their 50s and 60s to at least inquire into what long term care insurance costs,” Slome shared.

Long Term Care Insurance Costs Vary 114 Percent

A 60-year old couple can pay $3,100 a year for excellent long term care insurance protection or they can pay $6,500 a year for comparable coverage according to a just-released industry analysis.

“Each long term care insurance company sets the prices they want to charge and the range can be quite significant explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group which analyzes policy costs for both individuals and couples.

“Unlike other types of insurance coverage where you can switch from one insurance company to another in later years, switching long term care insurance companies almost never takes place,” Slome notes.  “You don’t switch after a year or two because you’ll pay higher rates based on your new age and you’ll have to meet the current health standards.”

“Consumers mistakenly think they can buy coverage directly from insurance companies,” Slome states.  “They’ll simply direct you to an agent who favors their policy or may only be able to sell you their particular policy.  That might be your best choice but it might not be.”

Slome advocates the ‘Good, Better, Best’ approach to long-term care insurance planning.  “For a couple both age 60, a good plan of coverage provides each spouse with $164,000 of potential benefits and costs about $165-per-month,” Slome explains.  Better coverage takes advantage of the Guaranteed Purchase Option offered by some insurers.  “The best coverage includes an inflation option but this can easily double costs,” he notes.

“We also advise consumers that their most important decision is selecting the right professional to work with,” he adds.  According to the organization, a long term care insurance specialist can compare multiple insurers and offer you the policy that best suits your age, your health and budget.

Seniors Can Avoid Tax Penalty Advises Long Term Care Insurance Association

Every year seniors fail to take advantage of tax reduction strategies and a growing number face significant tax penalties notes a leading long term care insurance expert.

“The IRS is aware of the growing non-compliance by seniors who fail to take minimum IRS distributions and is expected to crack down to capture lost tax revenue,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  Some reports note that as many as 250,000 seniors fail to take the minimum required distribution.

“The required minimum distribution is the amount the federal government requires you to withdraw each year, usually after you reach age 70½, from your retirement accounts,” Slome explains.  “You pay taxes on the withdrawn funds and failure to comply can result in a potentially hefty 50 percent tax penalty.”

“The amounts withdrawn could be used to pay long term care insurance premiums which could be fully tax deductible to the senior,” Slome notes.   “There’s a two-fold tax advantage, avoiding the income tax and potential penalty and of course the value provided by having the long term care insurance protection.”

Individuals who are age 70 or older can each deduct $4,550 of their premiums off their 2013 tax filings.  “If both spouses are over age 70, that’s a $9,100 potential tax deduction you don’t want to overlook,” Slome adds.   Individuals must meet certain levels of related tax-deductible expenses to claim the tax deduction for long term Care insurance.    “Many seniors have other medical and even dental expenses that enable them to easily meet the threshold required to make long term care insurance premiums deductible.”

Slome noted that seniors who do not already own this protection should work with a knowledgeable specialist who can help them navigate the health requirements imposed by leading insurers including Genworth Financial, John Hancock, Mutual of Omaha and Transamerica Long Term Care.  “Not everyone can health qualify for long term care insurance,” Slome shares, “and the health requirements can vary quite significantly from one insurer to the next.”

Sixteen States Still Offer Unisex Long Term Care Insurance Rates

California, New York and Florida are three of the nation’s larger states where men and women still can pay equal amounts for long term care insurance according to an analysis by the American Association for Long Term Care Insurance.

“Last Spring, the nation’s leading long term care insurance companies began charging women more for long term care insurance coverage,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).   According to AALTCI, women account for two-thirds of the claim benefits paid by insurers.  “The industry paid $6.6 billion in claim benefits in 2012 with two thirds going towards the care needs of women.”

Sex distinct pricing, whereby women pay more has been rolled out systematically on a state-by-state basis.  “According to our analysis there are still sixteen states and the District of Columbia where at least one major carrier offers unisex pricing for long term care insurance,” Slome notes.  “That still provides a window of opportunity especially for single women but that window is closing.

According to the Association analysis, leading insurers including Genworth Financial, John Hancock, Mutual of Omaha and Transamerica Long Term Care still offer unisex pricing in Arizona, California, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Indiana, Massachusetts, Maryland, Montana, New Jersey, New York, North Dakota, Oregon, South Dakota and Virginia.

“The difference in what you’ll pay can be significant making comparison shopping all that more important,” Slome advises.   “This is an instance where working with an independent long term care insurance specialist appointed with multiple companies can truly be to your advantage.”

Times Square Billboard Long Term Care Insurance Director

To promote heightened awareness of the importance of long term care insurance a Times Square billboard was utilized by the American Association for Long Term Care Insurance.

“Consumer awareness and education is our number one priority and the world’s crossroads is the ideal place to start generating exposure,” declares Jesse Slome, director of the American Association for Long Term Care Insurance.   The Association executive director’s image appeared on a Times Square billboard as part of a national public relations campaign launched last week.

The Association is releasing results of their 2014 Long Term Care Insurance Price Index.  “People need to understand that long term care insurance can be much more affordable than many perceive,” Slome notes.  “We undertake the annual study to show different typical scenarios that are very helpful in addressing misperceptions about the costs for this valuable protection.”

Slome’s image on the billboard appearing on Manhattan’s Seventh Avenue and 43rd Street was part of the national campaign that included a national news story that was utilized by several hundred media.  “Positive news is a good thing and we are very proud of the work we undertake to educate consumers,” Slome adds.

Long Term Care Insurance Prices Drop For Men, Rise Slightly For Couples

A healthy 55-year-old man can expect to pay 15 percent less for long term care insurance coverage compared to last year.  A married couple, both age-60, faces a seven percent increase according to a just-published report.

“Costs have risen slightly for couples, increased more significantly for single women but have actually decreased for men reports Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group.

According to the AALTCI 2014 Long-Term Care Insurance Price Index, the average cost for a 55-year-old male purchasing $164,000 of long-term care insurance protection is $925 a year.  Equal coverage for a single woman costs $1,225.    Leading insurers began charging women higher premiums in 2013.  “Women account for two-thirds of the $6.6 billion in claims paid by insurers last year,” Slome acknowledged.

A 60-year old couple each purchasing $164,000 of current protection that will grow to $730,000 combined when both reach age 80, will pay an average of $3,840 yearly, a three percent increase over the prior year’s average.    “Adding an inflation growth option builds your benefits over time but it can double the base cost of coverage,” Slome adds.

“Insurers offer a variety of discounts and options that can enable an individual to reduce the cost of protection,” explains Tracy Russo, Partner at The National LTC Education Center.   “Today there are more choices available for consumers to protect against the very real risk of needing care.”  Russo notes that it’s best to plan in your mid-40s to mid-60s.

According to AALTCI, costs for policy coverage vary significantly from one insurer to the next.    “The typical difference is around 80 percent but in certain cases one insurer charged 109 percent more than another industry leader,” states Nicole Marchand, LTC Case Design Specialist at HTA Financial Services, a leading Long-Term Care Insurance Brokerage firm headquartered in West Chester, PA.  “We can no longer assume which carriers will offer the most favorable rates.  We research every carrier for each client to provide the best solution at a reasonable price.”

Senators Hear Call For Long Term Care Insurance Mandate

The U.S. Senate Special Committee on Aging held hearings in an effort to explore viable ways to help families pay for long term care insurance protection.

According to the Senate report, some 12 million Americans currently require long-term-care services.  The U.S. Commission on Long-Term Care expects that number will nearly double by 2050.

“In our current system, most people receive care from family and friends,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.  “Many depend on costly in-home care, or end up in assisted living facilities or nursing homes, an expense many middle-class families can’t afford.”

Slome noted that the Senate panel was set to hear from a panel of experts, including three members of the commission.  “The commission issued their report with 28 recommendations,” Slome notes.  “But basically, they don’t really have a way to address the problem in a politically charged environment.”

According to reports, Anne Tumlinson, senior vice president at Avalere Health proposed to the Committee an individual mandate to buy long-term care insurance as a prerequisite for meaningful long term care financing reform.   Tumlinson said she reluctantly embraced this idea after long and careful study of the issue, and noted it would likely be “the least popular point” advanced at the hearing.

“We don’t see a mandate as having any possibility in this politically charged environment.  In the end it’s up to individuals and families to act,” Slome advises.  “People really have three options when a need for long term care arises.  Turn loved ones and family members into caregivers, turn to whatever government programs exist at the time or have the funds to pay, which can include some long term care insurance.”

According to the organization, some eight million Americans currently possess a form of private long term care insurance protection.  “Long term care insurance is not a universal product for everyone,” Slome adds.  “But for a distinct segment of the population who can health qualify and have retirement savings they want to protect, it’s a very viable option.”