Monday, June 29, 2015

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.

Monday, June 22, 2015

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.”

Monday, June 15, 2015

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.”

Monday, June 8, 2015

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_