New York Long Term Care Insurance Costs Report Provides Insight

Los Angeles; June 14, 2013 – Newspaper articles talking about the average cost of long term care insurance in New York create significant misperceptions.

“I detest that virtually every article you read cites average costs of $2,000 or more a year for long term care insurance,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.   ”Many couples then assume they’ll be paying $4,000 to $5,000 yearly and thus make the decision that protection is too costly.”

Averages are meaningless to real people and a new report shared by the long term care insurance expert validates that.   “The average actually paid by New Yorkers between the ages of 50 and 54 was $2,850 in 2012 but some paid as little as $1,384 and some paid as much as $11,667 a year,” Slome notes.  “Paying $100 a month sounds a whole lot better than $200 or more a month.”

Slome explained that the cost for long term care insurance is based on many factors including your age and health when you apply as well as how much coverage you decide to purchase.  “The cost also depends on which insurance company you select,” Slome added.

Average amounts are a simple way for news articles to convey information without having to really explain what is not a simple subject.  “We advocate a Good, Better, Best approach to comparing long term care insurance where someone in their 50s can obtain good protection starting for about $100 a month,” Slome explains.  “If you can afford or want more protection, then certainly that’s possible but ‘too costly’ is the number one reason people avoid even looking into long term care insurance.”

In New York long term care insurance coverage purchased in 2012 by individuals between the ages of 60 and 64 ranged from $1,863-per-year to $10,002-per-year according to State-published data.  “We stress the importance of looking into this protection prior to age 65 simply because of the need to health qualify,” Slome recommended.  “Costs also rise if you wait until your 60s.”

For New York long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization’s website or call 818-597-3227.

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