SOURCE: American Association for Long-Term Care Insurance

American Association for Long-Term Care Insurance

October 21, 2013 10:18 ET

New Long Term Care Insurance Guide for Consumers Published

Four Quick Tips on Long Term Care Planning Consumer Report From American Association for Long Term Care Insurance

LOS ANGELES, CA--(Marketwired - Oct 21, 2013) -  A new consumer financial planning guide exploring long term care insurance shares information designed to help make better decisions when considering long term care needs and options.

"How much does long term care insurance cost today is the number one question we are asked," explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). "So much has changed over the past year that providing the most current pricing information and looking at some of the newer policy features and options will benefit individuals considering their choices."

The Association's just-published guide 'Four Quick Tips on Long-Term Care Planning' reports an average typical monthly premium for a 50-year-old is $80.75 while the cost of identical coverage applied for at age 60 runs $124.96-per-month. "You will never be younger than you are today," Slome notes. "Waiting costs you more and increases the risk of not being able to health qualify for long term health care insurance."

Obamacare Does Not Impact Long Term Care Insurance

Long-term care insurance is not included under provisions passed by Congress as part of the Affordable Care Act also known as Obamacare. "Consumers mistakenly believe that long term care insurers must accept applicants with health conditions," Slome acknowledges. "This is not the case and there are no provisions within Obamacare to pay for greater long term care services. Individuals will continue to turn to family members when care is needed, pay from their savings or decide having long term care insurance to pay a portion of the costs makes sound financial sense."

The Association's new guide explains that having some long-term care insurance protection is always better than having none. "Some coverage is going to be more affordable and likely could be sufficient," Slome shares. "Using insurance to supplement Social Security benefits, your retirement income and savings is a strategy well worth considering today."

The national long-term care insurance expert encourages a 'Good, Better, Best' approach to affordable long-term care insurance planning. "Better coverage today covers a significant share of the costs you'll face and capitalizes on some of the newer policy options offered," Slome explains. "Not all insurers offer better options like the 'Guaranteed Purchase Option' that allows you to add to your coverage periodically so comparison shopping makes more sense than ever."

According to the organization's 2013 policy analysis, the price for virtually identical coverage can vary by as much as 90 percent. "Today, getting the best coverage for the best price is a daunting task," Slome concludes. "Deciding who to work with is actually the most important initial decision you'll make."

A good long-term care insurance specialist will be appointed to compare policies from at least four or five long term care insurance companies. The Association suggests three questions to determine an insurance professional's expertise in the field. How many years have you focused on long term care planning? How many long term care insurance policies have you sold? How many long term care insurers are you appointed with? 

Free access to read the new guide is available on the Association's website. To obtain long term care insurance costs connect with a designated long term care insurance professional by calling the national organization at (818) 597-3227 or visit the Association's website at www.aaltci.org.

Contact Information

  • Jesse Slome
    American Association for Long-Term Care Insurance
    Email: Email Contact
    Phone: 818-597-3227