Jesse Slome, long term care insurance expert

Los Angeles, CA – February 24, 2015;  The nation’s long term care insurance companies paid a record $7.85 billion in claim benefits to 250,000 individuals in 2014 according to a just-released report.

“Total long term care insurance benefit payments increased by five percent from $7.5 Billion paid the prior year,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group.   The organization reported that insurers paid $6.6 billion to some 264,000 policyholders in 2012.

“Americans are living longer and the consequence is more people needing long term care,” Slome explains.   ”Contrary to what most people think, the vast majority of long term care insurance pays for care in the home or in assisted living communities, not in skilled nursing homes.”  According to AALTCI research, half of all newly opened long term care insurance claims paid for care in the home.  “Consider long term care insurance as nursing home avoidance protection,” Slome adds.

“People underestimate life expectancy,” Slome shares.  ”Few adults in their 50s or 60s are prepared for the financial consequences of their longevity.”  According to the organization, roughly eight million Americans have some form of long term care insurance in the form of either a traditional insurance policy or a linked-benefit life insurance policy that can also pay a long term care benefit.

AALTCI’s 2015 Price Index study released last month revealed costs for traditional long term care insurance policies rose about eight percent compared to the prior year.  The research also found that costs for virtually identical policy coverage varied by as much as 119 percent.   “A single female age 55 could pay as little as $873 a year or as much as $1,915 and once you buy coverage you really don’t switch companies like you can with other types of insurance,” Slome adds.

To compare long term care insurance costs connect with a designated professional by calling the national organization at (818) 597-3227 or visit the Association’s Long Term Care Insurance Information Center.

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“We’re proud of our efforts to educate both consumers and insurance professionals about the importance and value provided by long term care insurance,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    ”I am just one of the millions of baby boomers approaching retirement age, so the concept of tax deductibility especially intrigued.”  Slome initiated research that validated that an increased percentage of retirees deduct medical expenses which could include higher long term care insurance premiums.

“There are many reasons to look into long term care insurance protection as a way to ensure choice and options should a need for care arise,” Slome adds.  “But, the ability to deduct premiums can yield a tax deduction amounting to a couple thousands of dollars for an individual and much more for a couple.”

The ‘Buy Now – Deduct Later’ strategy involves purchasing long term care insurance during your working years when few are able to deduct individual medical expenses.  “After retirement, the percentage of individuals who itemize and deduct medical, health insurance and dental expenses grows significantly,” Slome points out.  Long term care insurance premiums can be included when calculating minimums needed to deduct these expenses.

Slome noted that the tax strategy published by the trade group had resulted in widespread media coverage.  “We’ve seen the item appear on Yahoo’s Finance page and Reuters news service,” he notes.  “We’ve seen it be used by several hundred print and broadcast media outlets across the country reaching millions of Americans.”

To learn more about long term care insurance tax deductions or for long term care insurance cost comparisons call the American Association for Long Term Care Insurance at (818) 597-3227 or visit the Association’s website at www.aaltci.org.

Consumer awareness efforts undertaken by the organization are made possible by member support.  The Association conducts independent research and publishes the Long term Care Insurance Sourcebook a compendium of long term care insurance facts, figures and data.

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long term care insurance facts statistics in 2014 LTCi Sourcebook

Los Angeles; August 20, 2013 – The overwhelming majority of individuals who purchased a new long term care insurance policy in 2012 did so before turning age 65 according to findings reported by the American Association for Long-Term Care Insurance.

“The age of long term care Insurance buyers has been steadily dropping,” reports Jesse Slome, executive director of the national long term care insurance industry trade group.  The organization published the findings as part of their 2014 Long Term Care Insurance Sourcebook.

According to the organization’s research, over half (54.0%) of new buyers were between the ages of 55 and 64.  “We explain that the sweet spot for looking into long term care insurance is between your early 50s and age 64 prior to qualifying for Medicare,” Slome explains.  “It’s your health that matters much and with each passing year it is increasingly likely that your health will change.”  Slome notes that insurers underwrite candidates and will charge more or deny coverage to those with concerning health conditions.

“People mistakenly believe that everyone can get long term care insurance at any age and that simply is not true,” Slome explains.  “To keep the costs of coverage as low as possible for those who purchase coverage, insurers are selective and will look at medical records.”

The Association research is being published in the 2014 Long Term Care Insurance Sourcebook which contains both special studies conducted by AALTCI as well as summaries of other key industry studies.  The Sourcebook will be mailed to all Association members around October 1 and single copies can be purchased for $99.

For additional information or to obtain a copy, call the organization at 818-597-3227.   Consumers seeking long term care insurance costs and information can access free long term care insurance guides on the organization’s website.  No sign-in information is required to access the guides.  To learn more or to be connected with a designated California long term care insurance specialist call the organization at 818-597-3227 or visit their website.

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