Costs for long term care insurance purchased by women will soon rise by as much as 60 percent according to industry experts.
“The move to sex distinct rates is prompting many women, especially those who live alone, to request information,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group. “That’s a good thing but it’s easy to make mistakes in your rush to lock in the significant savings that are available if you act before rates rise.”
Costs for currently available long term care insurance policies can vary significantly according to AALTCI research. “A 55-year old woman who is in good health could purchase equal amounts of coverage from one company for about $100 a month or as much as $200 a month for basically the same protection,” Slome explains. “Each company sets their own rates and each has sweet spots and a failure to compare correctly could be a costly mistake.” The $100 monthly premium would purchase roughly $170,000 of current protection that would grow to about $350,000 when the policyholder reaches age 80.
According to Slome, there are important questions women should ask which the national long term care insurance expert believes are essential to being a prudent shopper.
“This is a highly specialized field today and it’s the small print buried within each contract that matters not today, but down the road when you expect to get benefits,” Slome notes. “Novice producers who only sell one or two policies a year rarely take time to read policy language or have the experience that comes from years in a business.”
Slome suggests three important questions women considering long-term care insurance protection should ask. “Ask how many insurance companies the insurance professional is appointed to sell,” Slome advises. “Some agents can only sell one company who they will tell you is the best, but some are appointed to sell multiple companies and so they are better suited to do a fair and balanced cost and benefit comparison.”
Ask how many years the agent has been selling long-term care insurance. “That’s a good barometer of experience and expertise,” Slome adds. “No one wants to be a brain surgeon’s first patient and I’d say the same is true for buying this important protection.” Finally, Slome suggests asking how what percentage of their business is focused on long term care insurance. “There are specialists who spend the majority of their time advising people on the topic and they typically have the most up-to-date knowledge which they will share with you.”
To locate a long term care insurance professional in your area who will provide no-obligation cost quotes and answer all questions, call the Association at (818) 597-3227 or visit the organization’s website. The American Association for Long-Term Care Insurance is the national trade organization focused on educating individuals about the importance of planning for the risk of long term care.
LEARN MORE ABOUT LONG-TERM CARE INSURANCE PROTECTION. Get a free, no obligation quote for Long-Term Care Insurance from the American Association for Long-Term Care Insurance. Click here now!
INSURANCE AGENTS. SELL MORE LONG-TERM CARE INSURANCE PROTECTION. Visit the Association's Online LTC Learning, Marketing & Sales Center. Click here now!
HAVE YOU HEARD ABOUT CRITICAL ILLNESS INSURANCE? Learn more from the American Association for Critical Illness Insurance. Click here now!
MEDICARE SUPPLEMENT INSURANCE COSTS
Click here to learn more!