February 2, 2015, Los Angeles, CA – 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.”
The American Association for Long-Term Care Insurance is a national trade organization that strives to create heightened awareness and understanding about LTC planning. For more information or no-obligation long term care insurance cost comparisons call 818-597-3227 or visit the Association’s website at www.aaltci.org.
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