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.