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.”