Long Term Care Insurance Tax Deductibility Promoted by AALTCI

Many people are not aware that certain long term care insurance policies offer significant potential for tax reduction.  To heighten awareness, the American Association for Long-Term Care Insurance distributed information to news outlets explaining the benefits.

“This is an important benefit that can save many people, especially retirees, and very few people are aware,” declares Jesse Slome, executive director of the American Association for Long Term Care Insurance.  “We are pleased to see that the information we distributed has already been used by some 200 media outlets across the country.”

The news effort promoted the increased tax deductible limits just approved by the IRS for 2016.  “Considering the government is not increasing Social Security benefit payments in 2016, I expected there would be no increase in the tax deductible limits,” Slome noted.  “This is an important validation of the fact that government officials want to encourage more Americans to plan.”

The maximum long-term care insurance tax deduction that can be taken by a couple is $9,500 off their 2015 taxes.  The IRS approved an increase to $9.740 for 2016.

The American Association for Long Term Care Insurance was established to promote sound and affordable planning for Americans.  The organization is based in Westlake Village, CA.  Jesse Slome has served as director since 1998.  For more information, visit the organization’s website.

To see some of the media results from the story:

Boston (Boston Globe)
http://finance.boston.com/boston/news/read/30874585/IRS_Increases_Long_Term_Care_Insurance_Deductible_Limits

Moningstar
http://news.morningstar.com/all/market-wired/MWR11G068779001US/irs-increases-long-term-care-insurance-deductible-limits.aspx

Los Angeles Daily News
http://markets.financialcontent.com/mng-lang.dailynews/news/read/30874585/IRS_Increases_Long_Term_Care_Insurance_Deductible_Limits

Ft. Worth Star Telegram
http://markets.financialcontent.com/mi.startelegram/news/read/30874585/IRS_Increases_Long_Term_Care_Insurance_Deductible_Limits

Milwaukee Journal Sentinel
http://finance.jsonline.com/jsonline/news/read/30874585/IRS_Increases_Long_Term_Care_Insurance_Deductible_Limits

Long Term Care Insurance Underwriters To Convene For Broadcast

Present and future issues and trends facing long term care insurance health underwriting will be explored by five of the nation’s leading underwriters.

“Long term care insurance companies set specific criteria for who is an acceptable applicant and the standards continually evolve,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   “We are so pleased that five of the nation’s leading insurers will be represented on the panel as part of the free online broadcast.”

The Association’s 2015 National Long-Term Care Sales Summit takes place October 27, 2015.  The entire conference will be streamed online and available for free to anyone interested in watching.  The Underwriters panel begins at 4:35 PM Eastern time.

Participating on the panel are Valerie King, Staff Underwriting Consultant, Nationwide, Sal Maiure, Underwriting Supervisor, LTC, Transamerica Life & Protection, Steve Ramczyk, Senior Underwriting Director, John Hancock Long Term Care, Susie Sughrue, Vice President, Individual Underwriting, OneAmerica, and Craig Thurston,  LTC Senior Underwriter, Genworth Financial.  David Hillelsohn, Brokerage Manager, Haslett Management Group will moderate.

Those interested in watching the broadcast can pre-register at www.insuranceexpos.com in order to get the access website information.  There is no cost to watch and access will be available on any device with Internet access.  Viewers will be able to pose questions online to the panel.

Expand Consumer Solutions Urges Long Term Care Insurance Association Director

A variety of insurance and financial products exist today that can help individuals deal with the high costs associated with needing long term care services.   The head of the national long term care insurance trade group encourages more insurance agents to broaden their horizon in order to help benefit more of their clients and prospects.

“There once were just a handful of mutual funds for consumers to choose from and today there are hundreds,” shares Jesse Slome, director of the American Association for Long Term Care Insurance, a national organization that advocates for sensible planning.   “Today there are a wide range of different ways to approach sensible long term care planning.

Slome spoke today with a leading national distributor of long term care insurance products.  “If we want to help more consumers, we need to start by educating more insurance professionals to the various available solutions,” Slome shared at the meeting.   AALTCI recently established the National Advisory Center for Short Term Care which will focus on building awareness and sales of STC insurance products.

“Short term care insurance or recovery care products are one of the newer options that can be especially attractive to those in their 60s, 70s and 80s,” Slome shared with the distributor.   On Tuesday, October 27, 2015, Slome will present four online workshops for agents interested in learning more about short term care insurance products.

“Anyone interested in learning more about these solutions can watch the live broadcast online via any computer or device with Internet access,” Slome shared.  There is no cost.

Getting The Best Long Term Care Insurance Costs Is Focus Of Latest AALTCI Video

Don’t pay more than you need to for long term care insurance warns the head of the national long term care insurance trade group.

“There can be a significant difference in what insurance companies charge for long term care insurance, a face few consumers are aware of,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).  The trade group just posted a new five-minute video that shares tips on getting the best coverage for the best cost.

“No one taught me how to buy my first car and I know I overpaid,” Slome shares.   “I was better prepared when I bought my next car but you generally only buy long term care insurance one time during your lifetime.  There rarely are do-overs so you’d better get as much knowledge when you start.”

The video provides an overview along with a comparison of rates for both a 55-year old male and a 55-year old female.  “We show the lowest available cost and the highest cost for virtually identical coverage,” Slome shares.  “Most people are shocked to see the difference but once they do, they understand the importance of getting the right information before they make this very important decision.”

The Association’s new video can be accessed at https://youtu.be/OIz6aADW5eY

Federal Long Term Care Insurance Plan Raises Rates Reports AALTCI

Costs for the long term care insurance program offered to federal employees, military personnel, retired federal workers and certain family members have been increased.

“This frankly was a surprise because the program is up to be rebid shortly when one assumes rates will go up,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). “The last premium increase took place back in 2009 which made this policy less expensive than many policies available to individuals. That may seem good but it also means a rate increase for policyholders or a change in policy benefits could be likely.”

According to Slome, the Federal long-term care insurance program is the nation’s largest. “It’s a voluntary program and we haven’t seen numbers lately but at one time, there were some 270,000 plan participants,” Slome acknowledged.

“Is the federal plan the best option for someone who is eligible?” Slome rhetorically asks. “It could very well be, especially if you are a single woman or have some existing health conditions. But if you are in good health or qualify for a discount insurers offer to couples or partners when one or both apply, it really pays to compare.”

Slome advises consumers interested in comparing long term care insurance policies work with a knowledgeable specialist who can compare at least four or five of the major insurers. “There are significant price and policy option differences that make it important to work with someone who does not favor just one particular policy,” Slome shares.

Home Care Insurance Policy Available Up To Age 89 Is Focus Of Latest AALTCI Video

People associate long term care insurance with nursing home coverage but what they really want is care at home.  A new video from the national long term care insurance trade group shares information on an available option. the head of the national long term care insurance trade group.

“We get calls daily from spouses or family members who are looking for insurance that will pay for home care services,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).  “Most of the time, the individual is too old or can not health qualify for traditional long-term care insurance.

The trade group just posted a new four-minute video that shares a home care insurance policy available in a number of states.  The policy can provide up to $750-per-week for home care services when the individual meets the policy requirements.

“Traditional long term care insurance policies stop taking new applications after age 75 and most are sold with a 90-day deductible or elimination period,” Slome shares.   ”Often, especially with older individuals, home care services are desired immediately and when we find an option worth considering, we like to share it with consumers.”\

The Association’s new video can be accessed at https://youtu.be/QozR9jtQtMk

Created in 1998, the American Association for Long Term Care Insurance works to create heightened awareness among both consumers and insurance professionals.  The National Advisory Center for Short Term Care Information was created to make American consumers aware of options that can affordably provide benefits for care needs.

Long Term Care Insurance Cost Saving Tips Shared In New Video

Costs for virtually identical long term care insurance can vary significantly as can plan benefits, options and discounts according to a new consumer video posted by the American Association for Long-Term Care Insurance.

“You only buy long term care insurance once so you had better do it right the first time,” advises Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   The organization has posted a five-minute video designed to shed light on the topic and provide some helpful information.  “Unlike other insurance where you can switch insurers in future years, with long term care insurance it almost never works out to do that,” Slome adds.

“More than ever, the differences between various long term care insurance products makes it a daunting task for the average consumer,” Slome explains.  “It’s the contractual provisions that matter most when you need care and you don’t even get a contract until you are approved by the insurer.  That is one reason we advocate today for working with a knowledgeable professional.”

The organization’s video which shares three questions to ask to determine the level of knowledge and experience can be seen at https://youtu.be/cKvw1uip_YM

Long Term Care Insurance Planning Tips For Your 50s

To encourage more Americans in their 50s to consider long term care planning options, the American Association for Long-Term Care Insurance has just posted a new 10-minute educational video.

“We hear from many consumers in their 50s who want to know why they should consider long term care insurance and there is a lot of misinformation floating around,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   The organization has posted a 10-minute video sharing relevant information to help those in their 50s make better decisions regarding long term care insurance planning.

“You can’t deal with everything in just 10 minutes but we wanted to share some pertinent information specifically for men and women in their 50s,” Slome explains.  The national long-term care insurance expert notes the ideal time to undertake long term care planning is prior to turning 65.  “You’ll have the most options available when you are younger and in better health, and it will cost you much less to plan for future needs,” he adds.

The organization’s video can be seen at https://youtu.be/6qXCfyHMOa4

Majority Of Short Term Care Insurance Buyers Are Over Age 60

Nine out of 10 individuals who purchased short-term care insurance coverage in 2014 were age 61 or older according to a just released study by the National Advisory Center for Short Term Care Information.

“Short-term care insurance is clearly seen as a benefit for seniors,” declares Jesse Slome, director of the National Advisory Center.  The new organization, established as part of the American Association for Long-Term Care Insurance, conducted the first industry benchmark study examining sales and buyer data on over 30,000 policies issued by nine leading insurers who market short-term care insurance policies.

According to the study, just over half (51%) of buyers were between ages 61 and 70.   Over one-third (36%) were between ages 71 and 80 when they applied for their short-term care insurance policy.  “Some four percent were over age 80,” Slome reports.   A number of short-term care insurance policies will accept applicants up to age 89.   Nine percent of buyers were age 60 or younger according to the study.

“These products are certainly attractive to the senior market,” Slome explains.   “Simplified health underwriting makes them ideal options for individuals seeking long-term care coverage who have health issues or for Medicare beneficiaries who have coverage gaps in their Medicare Advantage or Medicare Supplement insurance policy.”

New Video Shares Long Term Care Insurance Options For Single Women

Women have the greatest need for long term care but also face significant hurdles when considering long term care insurance options.

“This is especially true for women on their own which we refer to as single, unmarried, divorced or widowed women,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance and the National Advisory Center for Short Term Care Information.

“Single women pay more for long term care insurance than men because their risk is much higher,” Slome states.  According to the trade group, two-thirds of all long term care insurance claim benefits are paid to women.  “Women on their own may not have the income or retirement savings to afford a traditional LTC policy but they certainly would benefit from having some protection in place,” Slome adds.

To educate single women about a little-known option available to those where cost or meeting health qualifications are an issue, the trade group has posted a new 12-minute educational video.

“Women who are alone and in their 50s, 60s and 70s need to arm themselves with information to make informed decisions,” Slome notes.  “Our goal is to continually uncover viable options that we share.”  The trade group does not sell insurance products or favor any particular company.  The organization has members who are long term care insurance professionals.

To watch the video, go to https://www.youtube.com/watch?v=WRLNev335gQ.

The National Advisory Center for Short Term Care Information was established by the American Association for Long Term Care Insurance to create heightened awareness among both consumers and insurance professionals.

Long Term Care Insurance Option For Seniors Between 75 and 79 Explained

Finding long term care insurance coverage after age 70 is difficult as leading insurers scrutinize health and most stop issuing new policies after age 75.  A new video posted by a trade group explains an option worth considering.

“Our phone rings regularly with seniors in their 70s or their adult children who are looking for long term care insurance,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).  “Unfortunately for those over age 75 we have to deliver some bad news.”

According to Slome, an option does exist for individuals who are age 79 or younger than can be a viable option.   “There are several insurance companies that offer what I refer to as short term care insurance because it provides coverage for up to one year,” Slome shares.  “That’s better than no coverage and indeed almost half (49%) of all long term care insurance claims end within one year, so it might just be enough coverage.”

The organization head explains they do not recommend any particular insurance company.  “Our role is to educate both consumers and insurance professionals to available options,” Slome notes.  “This is just such a viable option well worth considering when you understand the importance of having some long term care protection in place.”

The organization has created a four-minute video that provides an overview.  It can be seen at https://youtu.be/YqAGWt_kDDE

What Short Term Care Insurance Policy Features Are Most Commonly Offered?

A study of twelve short term care insurance policies examines policy features including Benefit Period, Elimination Period and Optional Riders.

The study was conducted by CSG Actuarial and reported by the National Advisory Center for Short Term Care Information, part of the American Association for Long Term Care Insurance (AALTCI).

“Changes in health care insurance benefits, Medicare coverage and long-term care insurance are creating heightened interest in short-term care or recovery care products,” explains Jesse Slome, director of the National Advisory Center for Short Term Care Information.  Short-term care products are defined as those providing coverage for one year or less.

“There is potential for significant growth,” says Bryan Neary, FSA, MAAA, Principal and Consulting Actuary for Omaha-based CSG Actuarial.  “Several new insurers are entering the marketplace and policy sales and premium should grow in the years to come.”

According to the study, 91.7 percent of the companies offered policies with a 360 day Benefit Period (BP).  Some 83.3 percent offered a 150-200 day option and half (50.0%) offered a 90-day BP.

“One of the features that makes these products extremely attractive is the ability to select a 0-day Elimination Period (EP),” Slome explains.  “Most traditional long-term care insurance policies require that a doctor certify a need for care lasting longer than 90 days and have a 90-day EP.  With a 0-day EP the policyholder accesses policy benefits early on when they need care.”

The study found that 66.7 percent of available policies offered a 0-day Elimination Period.  Some 75 percent offered a 20-day EP and a third (33.3%) offered a 30-day E.P.

Just over half of the policies (58.3%) offered an inflation growth rider that increased base benefits by five percent compounded annually.  Half (50.0%) offered an five percent simple inflation option.

Options Exist For Those Who Can’t Qualify For Long Term Care Insurance

The percentage of individuals who apply for long term care insurance and are declined can range from about 10 percent to as high as 44 percent reports the American Association for Long Term Care Insurance.

“People mistakenly believe they can’t be declined for long term care insurance but that’s simply not the case,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  The Association just released copies of its 2015/2016 Long Term Care Sourcebook that reports on the percentage of 2014 applicants who were declined.

“It’s distressing because people face a very real risk of needing care at some point,” shares Slome.  “The good news is that there are options available in the form of what’s often referred to as short-term care insurance.”

A short term care insurance policy will generally provide benefits for up to a year.  “For many people that’s more than enough coverage,” Slome acknowledges.  According to the Association, some 49 percent of all long-term care insurance claims last one year or less.

What’s especially attractive about these policies is that some offer what’s called a simplified application.  “Some have just a few Yes-No questions and that makes these very valuable to older individuals who may already have health issues,” Slome adds.

The Association has just created several new consumer guides and pages on it’s website focused on short-term care insurance products.  To learn more, go to www.aaltci.org/short-term-care-insurance.

Special Guide For North Carolina Residents On Medicare

Individuals lack an understanding of health care costs that are not covered by Medicare or their individual health insurance including ObamaCare declares the head of the American Association for Long Term Care Insurance.

“People don’t think about these things until they go to the doctor, a hospital or need care and then they are shocked to get a bill,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  Slome authored the new guide “Shock Treatment” to create a heightened understanding among consumers.

“We are releasing the guide first as part of an effort focused on North Carolina residents who can benefit from a special insurance policy that affordably covers some of these costs,” Slome notes.    ”We recently became aware of a home health care insurance policy that offers residents of North Carolina, especially those over age 65, both home care benefits as well as additional benefits that pay for care that may not be covered.”

The Association does not sell insurance policies, Slome points out.   “A North Carolina female age 65 would pay $240 a year for around $50,000 of potential home care benefits,” Slome explains.  “Even if she doesn’t need home care for many years to come, this policy will pay up to $250 back for prescription medications each year and that’s just one of the additional benefits.”

“To be honest, every North Carolina resident over the age of 60 should take a look at this special insurance policy available to them in their state,” Slome advises.   “You can get similar coverage in other states but not at the same affordable price approved by the North Carolina Department of Insurance.”

Long Term Care Insurance Association Reports 2015 Home Care Costs

The rate for a home health aide averages $21 an hour according to the latest report published by the American Association for Long Term Care Insurance.

“When it comes to long term care, the vast majority of care is provided in the home,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  The national organization included costs for home care services, assisted living community and skilled nursing home care as part of the 2015 Sourcebook for Long Term Care Insurance Information.

“Just over half of all long term care insurance claims start with the policyholder receiving care at home,” Slome notes.    ”First, that’s where most of us would prefer to be as opposed to a nursing home setting and the insurance policy benefits make it possible for people to get that needed care at home.”

According to the AALTCI report, costs for home care services have remained relatively stable over the past few years.  “People buying long term care insurance today need to understand that having insurance that pays some but not all of the cost is a prudent way to plan,” Slome shares.  “It’s also a way to make this protection very affordable, with a 55-year old paying around $100-to-$130 a month for protection.”

Consumers Selecting Limited Long Term Care Insurance Policies

Just over half of individuals who purchased long term care insurance selected a three year benefit period for their plan reports the American Association for Long Term Care Insurance.

“Some 51 percent of buyers in 2014 chose the 3-year benefit period, a significant increase from our last study,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).   The organization’s research findings will be published in the 2015 Sourcebook for Long Term Care Insurance Information.  Copies will be available in July.

“For the vast majority of individuals who require long-term care services, this is suitable coverage,” according to the AALTCI director.   ”Most people with LTC insurance receive care in their own home where care can be affordably managed.  As a result, people can derive benefits from their policy for longer than the three year time period implies.”

In fact the long term care expert notes that a significant number of long term care insurance claims last for one year or less.  “That is a reason we are educating more people about the benefits of having some short-term care insurance,” Slome explains.  Short term care options are available in a number of states and some policies will provide benefits comparable to traditional long term care insurance.

Long Term Care Insurance Protection Not Guaranteed By Obamacare

The latest statistical data regarding long term care insurance applicants reveals a significant portion are declined due to health reasons cites the American Association for Long Term Care Insurance.

“People mistakenly believe that like healthcare, they can’t be declined for long-term care insurance coverage, “declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).   ”ObamaCare has no provisions pertaining to long term care insurance and insurers offering this protection do require that you meet health qualifications.

According to the latest AALTCI study of 2014 buyers, as many as 45 percent of  applicants for long term care insurance who are age 70 or older are declined coverage.  “If you want this important protection, you really need to look into it while you are in your 50s and 60s at the latest,” Slome adds.  “Do it before your health changes which happens to all of us as we age.”

The complete breakdown of declined is contained in the 2015 Sourcebook for Long Term Care Insurance Information.  Copies of the Sourcebook are sent free of charge to all Association members.

“It’s also important to understand that each insurer establishes their own acceptable health standards,” Slome shares.  “That’s one reason it pays to work with a knowledgeable professional who represents multiple LTC carriers.”

New Marketing Tool Asks Is Long Term Care Insurance Worth It?

Consumers considering the purchase of long term care insurance ask many common questions according to research conducted by the American Association for Long Term Care Insurance.

“Consumers really want to know if purchasing long term care insurance is really worth the cost, “explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  The national organization has published a special consumer informational piece that will be included as part of the 2015 Sourcebook for Long Term Care Insurance Information.

“Some of the statistics that people throw around are actually misleading to consumers,” Slome notes.    ”When the U.S. government says 70 percent of people will need long-term care, that may be true but does it relate to actually gaining benefit from owning long-term care insurance coverage.  We want to give consumers an accurate picture and understanding.”

The new marketing tool will share real likelihood that a consumer buying a long-term care insurance policy at age 60 or age 70 will actually utilize their policy.  “We also share data on where claims take place,” Slome adds.  “Today, long-term care insurance is really nursing home avoidance insurance because people want to remain in their own home and this protection makes that possible.”

Study Reveals How Much Long Term Care Insurance People Purchase

A national news report distributed today by the American Association for Long-Term Care Insurance reported that individuals are purchasing long term care insurance at younger ages and selecting lower levels of coverage and options that make protection more affordable according to new research.

“Buyers are younger, they begin with lower amounts of initial coverage and they select options that reduce their cost significantly,” reports Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).    The Association’s just-published 2015 LTC Sourcebook includes an analysis of 85,000 individuals who purchased long-term care insurance protection in 2014.

“Nearly 40 percent of buyers were age 54 or younger, compared to 29 percent who purchased in 2012,” Slome notes.   “Buying younger makes sense because premiums are less expensive and several leading insurers now offer some very attractive options that allow you to increase coverage in future years even if your health has changed.”

One of the most significant changes revealed by the study affects the future growth of policy benefits.   “Over half (51%) of buyers in our prior study selected an option where their available pool of benefit dollars increased by five percent yearly,” Slome shares.  According to the Association research only 14.5 percent selected this option when purchasing coverage in 2014.  Nearly half now selected a three percent growth option.

To read more visit these major national and regional news media who reported the results of the Association’s news story.

Yahoo Finance
http://finance.yahoo.com/news/study-reveals-much-long-term-141800403.html

Wall Street Journal’s MarketWatch
http://www.marketwatch.com/story/study-reveals-how-much-long-term-care-insurance-people-purchase-2015-06-03

Boston Globe’s Boston.com
http://finance.boston.com/boston/news/read/30006784/Study_Reveals_How_Much_Long_Term_Care_Insurance_People_Purchase_

What age is the best age to start long-term care planning?

I like to say the sweet spot is between age 52 and 64 ... but keep reading. First, yes, the sweet spot is generally between your mid-50s and mid-60s. I like to say start before age 64 because once you qualify for Medicare, chances are you will take advantage of all the free preventive health exams they provide. Those exams are great. But, if your doctor finds a condition, it could prevent you from health qualifying for long-term care insurance no matter how much you are willing to pay. And, while most long term care insurance claims start at older ages, don't forget that younger people get illnesses in their 40s and 50s like MS and Parkinson's that can require the need for years of care. Just something to think about.

Long Term Care Insurance Age 65 Waiting Penalty Discussed

A couple that waits to purchase long term care insurance until age 65 will pay nearly 70 percent more than had they considered coverage when they both were age 60.

“I tell consumers the sweet spot for long term care planning is between ages 55 and 65, but the sooner the better,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).   Some was addressing mistakes people make when looking into long term care insurance.

According to the Association’s 2015 LTC Insurance Price Index, a 60-year old couple would pay $2,170 for good coverage that provided both spouses with about $165,000 of long term care benefits.  “The same coverage would cost the couple $3,590 a year, or 65 percent more, if they were age 65,” Slome explained.  “And, that is at today’s prices.  Someone who is age 60 today will likely pay more in five years because new policy rates tend to increase every year.”

Slome shared that many consumers perceive long term care insurance is ‘too expensive’ to buy.  “Many insurance agents simply focus on what I call a ‘fully loaded’ policy which of course makes the policy cost thousands of dollars,” Slome adds.  “If you can afford the coverage, more is always nice, but for most consumers a far more modest plan will be sufficient to meet their needs.  And, it will be far more reasonable.”

The long term care insurance expert noted that many agents only sell one or two long term care insurance policies a year.   “Many of the insurers now offer some really consumer-friendly benefit options such as the ability to buy more coverage in the future without having to meet health requirements,” Slome shares.  “An off-the-shelf approach speeds up the sales process but isn’t always in the customer’s best interest.”

AALTCI and National Underwriter Team Up for Long Term Care Sales Conference

The American Association for Long Term Care Insurance and the NU Life & Health Network announced plans to produce a live online broadcast from the 2015 National Long Term Care Solutions Sales Summit.

“We are so pleased to have NU Life & Health and Retirement Advisor magazines as a partner in this effort,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance.   “This marks the first time the National Long Term Care Summit will be held in the nation’s Capital and we know the online broadcast will benefit thousands of insurance agents, brokers and financial advisors who market long term care products.”

“We are very excited about our partnership with the AALTCI Fall Sales Event,” said Tashawna Rodwell, Group Publisher of the National Underwriter Life & Health. “Collaboration with the AALTCI to help educate advisors on Long-Term Care best practices is crucial in a time of constant change. We are proud to support the Long-Term Care Industry and the agents, brokers and financial advisors who continue to advance it.”

The 2015 LTC conference takes place on Tuesday, October 27.   Four leading long term care insurers have agreed to underwrite the costs involved in making the online broadcast available free of charge.  “We thank these leading companies, Genworth, Transamerica, Nationwide and John Hancock who are truly committed to producer awareness, education and building industry sales,” Slome added.

For those not interested in attending, access to view the online broadcast will be completely free.   “All you need is a computer with Internet access,” explains Slome.  “You’ll see the speakers, view their presentation and be able to chat with others and even ask questions.”  The broadcast has a capacity for 5,000 simultaneous viewers.

Long Term Care Insurance Age 65 Waiting Penalty Discussed

A couple that waits to purchase long term care insurance until age 65 will pay nearly 70 percent more than had they considered coverage when they both were age 60.

“I tell consumers the sweet spot for long term care planning is between ages 55 and 65, but the sooner the better,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).   Some was addressing mistakes people make when looking into long term care insurance.

According to the Association’s 2015 LTC Insurance Price Index, a 60-year old couple would pay $2,170 for good coverage that provided both spouses with about $165,000 of long term care benefits.  “The same coverage would cost the couple $3,590 a year, or 65 percent more, if they were age 65,” Slome explained.  “And, that is at today’s prices.  Someone who is age 60 today will likely pay more in five years because new policy rates tend to increase every year.”

Slome shared that many consumers perceive long term care insurance is ‘too expensive’ to buy.  “Many insurance agents simply focus on what I call a ‘fully loaded’ policy which of course makes the policy cost thousands of dollars,” Slome adds.  “If you can afford the coverage, more is always nice, but for most consumers a far more modest plan will be sufficient to meet their needs.  And, it will be far more reasonable.”

The long term care insurance expert noted that many agents only sell one or two long term care insurance policies a year.   “Many of the insurers now offer some really consumer-friendly benefit options such as the ability to buy more coverage in the future without having to meet health requirements,” Slome shares.  “An off-the-shelf approach speeds up the sales process but isn’t always in the customer’s best interest.”

Newest Long Term Care Insurance Policies Offer Consumer Friendly Features

Some of the newly introduced long-term care insurance policies offer features and options that provide significant benefit and potential cost savings for consumers.

“Long-term care insurance policies continue to add consumer friendly features that benefit individuals,” declares Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   ”The new options and choices give consumers greater choice and flexibility as well as more affordable options to meet different budgets and lifestyles.”

“Our newest policy was designed with the claimant in mind and will provide advanced payment for facility care and a cash benefit for hospice care, two valuable benefits new to the long-term care insurance market,” reports Bill Naylon, President of MedAmerica Insurance Company a leading provider of long-term care insurance protection.  MedAmerica announced plans to roll out its newest policy offering new benefit features later this year.

“Innovative long-term care insurance benefits like these mean policyholders won’t have to always advance money for care and wait to be reimbursed, especially at a time when families have many other stressful financial issues to address,” cites Slome.  “Thanks to continual policy improvements, the many new and improved long-term care insurance policies sold today are nothing like the policies sold 10 and 20 years ago.”

Some of the newer policies offer greater flexibility when selecting present and future benefit amounts, as well as cost-reducing options.  “Smart investors periodically review their investments and adjust when it makes sense,” Slome shares.  “Some of today’s newer long-term care insurance policies also offer flexible planning options that are worth looking at.”   The best time to explore your options is when in your 50s and 60s.

Policy provisions and pricing can vary significantly from one insurance carrier to the next.  According to AALTCI’s 2015 Long-Term Care Insurance Price Index, costs for comparable coverage can vary by as much as 120 percent.  “Your benefits are governed by the policy, which can be up to 50 pages long, and that’s what makes it so important to work with a long-term care insurance professional who stays abreast of the latest policy innovations and changes,” Slome suggests.

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.”

$7.8 Billion in Long Term Care Insurance Claim Benefits Makes National News

The American Association for Long Term Care Insurance reported today that the nation’s long term care insurance companies paid a record $7.85 billion in claim benefits to 250,000 individuals in 2014 according to a just-released report.

“Total long term care insurance benefit payments increased by five percent from $7.5 Billion paid the prior year,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group.   The organization reported that insurers paid $6.6 billion to some 264,000 policyholders in 2012.

“Americans are living longer and the consequence is more people needing long term care,” Slome explains.   ”Contrary to what most people think, the vast majority of long term care insurance pays for care in the home or in assisted living communities, not in skilled nursing homes.”  According to AALTCI research, half of all newly opened long term care insurance claims paid for care in the home.  “Consider long term care insurance as nursing home avoidance protection,” Slome adds.

The following are links to a number of major media reporting the news.

Yahoo Business
http://finance.yahoo.com/news/long-term-care-insurance-industry-151800610.html 

Boston, Boston Globe
http://finance.boston.com/boston/news/read/29335492/Long_Term_Care_Insurance_Industry_Paid_$7.8_Billion_in_Claim_Benefits_ 

Arizona Republic
http://finance.azcentral.com/azcentral/news/read/29335492/long_term_care_insurance_industry_paid_$7.8_billion_in_claim_benefits 

Minneapolis Star Tribune
http://markets.financialcontent.com/startribune/news/read/29335492/Long_Term_Care_Insurance_Industry_Paid_$7.8_Billion_in_Claim_Benefits_ 

Buffalo News
http://markets.financialcontent.com/startribune/news/read/29335492/Long_Term_Care_Insurance_Industry_Paid_$7.8_Billion_in_Claim_Benefits_ 

San Jose Mercury News
http://markets.financialcontent.com/mng-ba.mercurynews/news/read?GUID=29335492 

MarketPlace, National Public Radio
http://ndwebfiles.marketwire.com/NDWebFiles3/content/2015/2/24/1177062//cache/131110516.htm

Long Term Care Insurance Association Group Reached 6,000 Member Milestone

The 6,000 member joined the long term care insurance Linkedin group hosted and organized by the American Association for Long-Term Care Insurance.

“This is a significant milestone and evidence of the continuing interest in long term care insurance issues,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).    Slome serves as moderator for the online group which enables insurance professionals to pose questions and seek expert advice and information.

“Unlike most Linkedin groups which are open boards that have become cluttered with promotional and self-serving messages, we monitor the group and maintain a no-promotion policy,” Slome explained.  “That means the people who sign up can rest assured that they’ll not find their emails cluttered with messages they have no interest in.”

The professional group was started in September 2009 and has grown steadily.  “It’s a good mix of insurance agents and brokers, many who are new but also many who are quite seasoned and experienced,” Slome adds.  “It’s really the largest group of folks interested in long term care insurance that I’ve seen.”

We want to share what works today, not what used to work two, three or five years ago,” Slome explains.   “Too many webinars and conferences focus on the past rather than the present and the future.”

AALTCI is a national trade organization that strives to create heightened awareness and understanding about various options for paying for long term care costs.   The organization was founded by Slome in 1998 who is the author of over 20 consumer guides and books focused on long term care planning.

Long Term Care Insurance Association Reports Positive Claims Data

Positive news for the nation’s aging senior population and taxpayers.  An increasing number of individuals who possess long term care insurance are receiving benefit payments.

The Association worked today with one leading long term care insurance company MedAmerica Insurance Company to help create heightened awareness of the growing importance of this form of protection.    “There’s much media coverage about the importance of long-term care planning but rarely is the story told of how this benefits real people today,” Slome shares.  “We salute and recognize MedAmerica Insurance Company for their help in enabling our organization to tell this important and powerful story.”

The news story has already appeared in some 90 major media outlets with the potential to reach thousands of consumers.

Links to some of the key news media reporting the story:

MarketWatch
http://www.marketwatch.com/story/long-term-care-insurance-paid-claims-increase-home-care-benefits-growing-2015-02-18

Boston.com  (Boston Globe)
http://finance.boston.com/boston/news/read/29297517/long_term_care_insurance_paid_claims_increase

Chicago Business
http://www.bizjournals.com/chicago/prnewswire/press_releases/Georgia/2015/02/18/DC33223?ana=prnews

Association Urges Heightened Dementia-Prevention Awareness

The nation’s leading long term care insurance trade organization calls on health and consumer groups to heighten awareness of advances in understanding ways consumers can significantly reduce the risk of getting dementia.

“Another major study finds that some simple lifestyle changes can reduce the risk of cognitive decline by 60 percent,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).   ”If there was a pill that had the same effect, everyone over age 50 would be taking a daily dose.”

According to the long-term care insurance organization, dementia, which can include Alzheimer’s disease, affects 15 percent of the over 70 U.S. population.  “The percentage affected increases as one ages,” Slome adds.  “This is not a nice disease, so when one hears of research that demonstrates simple ways to reduce risk, a call for heightened awareness is called for.”

Slome is referring to recent study reported in the Wall Street Journal.  Conducted at Cardiff University in the U.K., researchers followed 2,235 men for 30 years.  “The study started when these men were initially between ages 45 and 59 years old,” Slome notes.   The report found that men who consistently did a few things on a consistent basis reduced their risk for cognitive decline and dementia by 60 percent.

The activities included eating three or four servings of fruits and vegetables daily, maintaining a normal weight and a body-mass index of between 18 and 25, not smoking and limiting alcohol consumption.  Walking two miles a day or some similar activity proved to have the greatest impact on risk.

“Considering the millions of Americans who will be living into their 80s, 90s and beyond without a financial plan in place to deal with the costs of long-term care, it would be prudent for a massive educational effort,” Slome advocated.  “We’ll do our part to encourage more people to plan and to live healthy lifestyles.  I hope others join in the efforts.”

20 States Long Term Care Insurance Partnerships Lauded By Association

Twenty states now offering consumers a significant incentive when purchasing long term care insurance coverage were applauded today by the American Association for Long-Term Care Insurance.

“We have said the Partnership Long-Term Care program was the best kept secret because it was created to provide middle income individuals with an special incentive to purchase coverage,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).   The Long Term Care Partnership Program is a joint federal-state policy initiative to promote the purchase of private long term care insurance.   According to Slome, the Partnership Program is intended to expand access to private long term care insurance policy to pay for long term care services.

“States required that consumer purchase inflation growth option but many states have failed to change the formula which makes the policies far more expensive than consumers are willing to pay,” Slome explained.  “Some 20 states now allow consumers to select a low one percent growth option and that makes coverage highly affordable.”

The 20 states include Florida, Texas, Virginia Colorado, Tennessee and Georgia.   “We applaud the states which have acted to provide their residents a significant advantage and hope others follow,” Slome said.  “Especially when a new generation of long term care insurance policies allow consumers to purchase coverage with a one percent growth option that can be changed in future years without having to re-meet health qualification requirements.”

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.”

Best Long Term Care Insurance Fact For 2014 Revealed

2014′s most interesting fact pertaining to long term care insurance was announced today by the American Association for Long-Term Care Insurance

“We find ourselves deluged at the end of the year with lists of most interesting people, most interesting news stories and we look back on the most interesting facts and findings pertaining to long term care,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI). ”I’ll grant everyone this pales in comparison to the selection of Time magazine’s person of the year or People’s sexiest man of the year, but it’s a good time to have some fun and lighthearted banter.”

According to AALTCI the 2014 fact of the year pertains to the fact that the nation’s long term care insurers paid a record $7.5 billion in claim benefits.

“Why is this the most important fact?” Slome asks rhetorically. “Because Americans are not aware of the benefits already provided to hundreds of thousands of individuals who purchased long term care insurance and are now on claim receiving benefits for greatly needed care.”

The Association reports that roughly 273,000 Americans had active long term care insurance claims that went into the $7.5 billion paid.