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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.
