$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.