Some eight million Americans own long term care insurance currently and several hundred thousand new policies are issued each year according to an industry report.
“This is really the first generation of Americans to need and buy this important form of protection in large numbers,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “Because it’s such a new topic, few people have the reservoir of knowledge that can help them understand ways to reduce the cost.” The leading industry expert was sharing planning information with consumers in conjunction with the upcoming Long Term Care Awareness Month.
According to Association studies, the cost for long term care insurance can vary significantly for virtually identical amounts of coverage. “Our annual Price Index has found an enormous variance from one insurer to another making it vital that consumers know ways to get the best protection for the best cost,” Slome explains. An important step is to ask the insurance professional whether he or she is appointed with just one insurer or appointed and able to sell coverage from multiple insurers. “Are they looking out for your best interest, or are they just promoting the only option they have available to sell you,” Slome adds.
One way to reduce the cost is to pay on an annual basis as compared to making monthly payments. ”Our studies have found that a 55-year-old who pays once a year will save eight percent versus someone who pays monthly,” Slome states. “While it means writing a bigger check, that 55-year old will save several hundred dollars a year.”
November has been declared National Long Term Care Awareness Month, an opportunity for individuals to learn more about this important topic. “We understand we are living longer than ever but few people have taken the time to think about ways to prevent outliving their savings after retirement,” Slome concludes. “If you don’t want to be a burden to your loved ones and family, take a few minutes in November to learn more about the risks and options available to you.”
Established in 1998 as a non-profit trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.
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