Click Here to See Latest Long-Term Care Insurance Data – Facts – Costs – Statistics

“If you live a long life into your 80s, 90s or past age 100 you are increasingly likely to need some long-term care,” explains Jesse Slome, director of AALTCI which gathered data from seven leading long-term care insurance companies.    ”While some younger individuals receive claim benefits from owning long-term care insurance, the vast majority of new claims begin after age 85.”

According to the Association’s analysis of new long-term care insurance claims that began during 2018, 25 percent of new claims were initiated by policyholders between ages 81 and 85, 27.2 percent were between ages 86 and 90, and 17.5 percent were age 981 or older.

Oldest New Claimant Ages Are All Over 100

The AALTCI study found that for each of the insurers, the oldest policyholders to initiate a new claim were all centenarians.  “The oldest new claim was started by someone who was 106,” Slome notes.  “Two were age 105 , two were 104 and two were 101.  Many Americans are living longer lives and are benefiting from having this protection in place which enables them to receive care at home or in assisted living or skilled care facilities.”

The youngest new claimant was 25 according to the AALTCI study.   “While most claims are due to aging and related illnesses that come along with living a long life, younger people have accidents and can benefit as well.  The important message for consumers is the need to get your insurance while you can still health qualify for coverage,” Slome adds.  The Association recommends that the ideal age to consider LTC insurance is between ages 55 and 65.

Headquartered in Los Angeles, CA, the American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.  The organization helps consumers connect with knowledgeable professionals who are independent advisors.   Consumers seeking long-term care insurance cost comparisons should visit the Association’s website at www.aaltci.org or can call the organization’s national headquarters at 818-597-3227.

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Jesse Slome, leading long term care insurance expert, director AALTCI

The American Association for Long-Term Care Insurance announced support for the AARP-coalition seeking continuation of the medical expense tax deduction.  Premiums for approved tax-qualified long-term care insurance may be a deductible expense for individuals, a significant benefit for seniors during retirement.

“There are millions of seniors who have limited retirement income who also face medical costs,” declares Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).  “They need this deduction and taking it away while giving tax deductions to millionaires would be an affront to American seniors.”

The AARP-led coalition reportedly delivered a letter this week to leading U.S. Senators asking them to continue their fight to maintain the medical expense deduction.  The coalition includes the American Health care Association, the Alzheimer’s Association, the American Heart Association, the American Psychological Association, the March of Dimes and the National Committee to Preserve Social Security and Medicare.

“We are tiny by comparison but this is a most worthy effort we are proud to support,” said Slome.  The organization advocates for the importance of long-term care planning and supports insurance professionals who offer various planning options.  “There are millions of seniors who purchased tax-qualified long-term care insurance policies who would lose the option to deduct premiums at a point when living off limited retirement income and Social Security.”

According to the Association, roughly eight million Americans have some form of long-term care insurance.  Most policies sold over the past decade met the IRS established tax-qualified standards, Slome notes.  “Currently, only a small percentage of long-term care insurance policies now sold meet the requirements to be tax deductible but it still a vital benefit that should not be taken away from America’s retired seniors.”

For a couple who are both older than 70 and paying for long-term care insurance, the maximum allowable amount eligible for the deduction calculation would be $10,400.  For an individual, age 65, the maximum allowable amount would be $4,160 according to AALTCI.   “The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income for 2018,” Slome explains.   “Beginning January 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.”

The American Association for Long-Term Care Insurance advocates for the importance of planning and helps consumers connect with knowledgeable professionals who are independent advisors.

Consumers looking for local long-term care insurance agents or cost comparisons should visit the Association’s website at www.aaltci.org or can call the organization’s national headquarters at 818-597-3227.

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Until now, no single resource listing phone numbers for the Claims Departments of long-term care insurers has existed.

The American Association for Long-Term Care Insurance has just added such a directory to its website at http://www.aaltci.org/contacts

“The number of calls from frustrated policyholders kept increasing to the point that something needed to be done,” explains Jesse Slome, director of the organization.  “Many insurers with hundreds of thousands of in-force policies, no longer offer new coverage.  Many have outsourced their claims administration to third parties.  Consumers were getting the run around and that was not right.”

A need for care is just one reason frustrated consumers were calling the Association with queries.  “Due to rate increases, some policyholders dropped their coverage but still are entitled to a residual benefit,” Slome explains.  “Who keeps insurance policies for 10 or 20 years but with long-term care you need to know who to call and that’s printed on the policy.”

The American Association for Long-Term Care Insurance advocates for the importance of planning and helps consumers connect with knowledgeable professionals who are independent advisors.  The Los Angeles based organization conducts research and have the most comprehensive resources available on its website utilized by hundreds of thousands of consumers annually.

Consumers looking for local long-term care insurance agents or cost comparisons should visit the Association’s website at www.aaltci.org or can call the organization’s national headquarters at 818-597-3227.

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Is long term care insurance worth it?

June 12, 2015, Los Angeles, CA –   Consumers considering the purchase of long term care insurance ask many common questions according to research conducted by the American Association for Long Term Care Insurance.

“Consumers really want to know if purchasing long term care insurance is really worth the cost, “explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  The national organization has published a special consumer informational piece that will be included as part of the 2015 Sourcebook for Long Term Care Insurance Information.

“Some of the statistics that people throw around are actually misleading to consumers,” Slome notes.    ”When the U.S. government says 70 percent of people will need long-term care, that may be true but does it relate to actually gaining benefit from owning long-term care insurance coverage.  We want to give consumers an accurate picture and understanding.”

The new marketing tool will share real likelihood that a consumer buying a long-term care insurance policy at age 60 or age 70 will actually utilize their policy.  “We also share data on where claims take place,” Slome adds.  “Today, long-term care insurance is really nursing home avoidance insurance because people want to remain in their own home and this protection makes that possible.”

Copies of the 2015 Sourcebook are sent free of charge to insurance professionals who are members of the trade group.    To see a listing of contents and several examples of what will be in the 2015 LTC Sourcebook go to www.aaltci.org/ltc-marketing/sourcebook/2015.php  .

Consumers interested in no obligation long term care insurance cost comparisons can call the organization at 818-597-3227 or visit the AALTCI website.

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“At one time, AARP had long term care insurance policies but no longer,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  Slome was a guest on a radio financial talk show answering consumer inquiries.

“AARP makes its income off insurance product sales by endorsing providers,” Slome noted.  According to Wikipedia data, AARP made $652 million in royalties from insurance companies that sold products referred by AARP and an additional $120 million for advertisements placed in its publications.  “This was from 2008 data and at that time, AARP did offer an endorsed long term care insurance policy but that’s no longer the case.”

Slome explained to consumers that every product has advantages and disadvantages.  “It’s good that people trust a brand name but that doesn’t mean it’s their best option and certainly may not be the best price.”

The long term care insurance expert recommended consumers work with a specialist in the industry who can compare their options.   To connect with a knowledgeable specialist in your region for a no-cost long term care insurance cost comparison call the organization at 818-597-3227.

The American Association for Long Term Care Insurance is a national member-supported organization that advocates for sound and responsible planning for the real risk of needing long term care services.  The national organization is headquartered in Westlake Village, CA.

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long term care insurance savings for women ending photo: Homewatch Caregivers

Los Angeles; August 26, 2013 – Single women between ages 50 and 70 have a final opportunity to obtain long term care insurance coverage with significant savings according to a campaign initiated by the American Association for Long-Term Care Insurance.

“Two leading long term care insurance companies have started charging single women between 40 and 60 percent more than single men and two more insurers are poised to launch their new products with sex distinct pricing,” declares Jesse Slome, executive director of the national long term care insurance industry trade group.

“This creates a significant opportunity for women who have yet to act to do so while they still have the greater selection of quality companies offering unisex rates,” Slome shared.  “Soon women who are alone because they are divorced, widowed or have never been married will be paying more and they need to know they can lock in those savings now but only by acting sooner rather than later.”  The Association director announced their campaign to educate the millions of single women that the window of opportunity is closing.  “This is important and worthy of the added effort,” Slome said.

“Single women who are healthy today are extremely likely to live to ages when the need for long term care becomes highly likely,” Slome reports.  According to a recent report, a healthy 60-year-old woman has a 70 percent chance of reaching age 85, a 52 percent chance of living to age 90 and a 30 percent chance of living to age 95.

“Insurance companies have started charging women more because their risk of needing care services is higher,” Slome explains.   The AALTCI reported that the long term care insurance industry paid $6.6 billion of claim benefits paid last year and that two-thirds of all new claims were started by women.  “People still mistakenly associate long term care insurance with nursing home coverage but the truth is that most care is received in the person’s home, and that insurance can enable you to remain in your own home accessing quality care where and when you need it,” Slome concluded.

The Association urged single women between ages 50 and 70 to start by gaining a greater understanding of the risks and costs.  For additional information or to request long term care insurance costs and information connect with a designated long term care insurance specialist who is a member of the Association by calling the organization at 818-597-3227 or visiting their website.

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“Some 42 million caregivers provide unpaid care to family and friends at any given time,” says Jesse Slome, AALTCI’s executive director.   ”These are dedicated and loving adult children with aging parents and good neighbors who provide an estimated $450 billion in unpaid care but their generosity comes with a cost, often a very high cost in terms of disrupted lives.”

Studies have shown that although family caregivers providing long term care services usually undertake these required care services willingly, they often experience high levels of emotional, physical and financial stress.  “Many are adult women who now have to juggle jobs and caring for their own families with their caregiving responsibilities,” Slome notes.  “Many parents are turning their children into indentured servants, something they never intended.”

Speaking to insurance professionals in advance of November’s Long Term Care awareness Month, Slome urged discussions with focused on planning to avoid giving adult children with aging parents no other choice but to disrupt their lives to provide unpaid care.

“Long term care insurance today is a viable and can be an affordable option to prevent having to make your children care for you,” Slome stated.  “But, the option is only available to those who apply at an age when they can still health qualify and far to many people who call our offices have acquired age-related health conditions that prevent them from meeting the acceptable requirements.”

The ideal ages to start a long term care plan is between ones mid-50s and mid-60s according to the AALTCI director.  “We strong urge people to start planning prior to retirement and qualifying for Medicare,” Slome told the group.  “Medicare comes with wonderful free health screens that many take advantage of, but those screens uncover conditions that impact a person’s ability to health qualify for coverage.”

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 obtain free, no-obligation long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.   Long Term Care Awareness Month (November) was established in 2001 by the American Association for Long Term Care Insurance as a national event to call attention to the importance of planning.

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“More employers are offering long-term care insurance as a benefit to employees, family members and even retirees,” explains Jesse Slome, executive director of the national producer trade group.  “Conventional wisdom says that group insurance policies cost less than a policy you could purchase on your own but that is not always true for long-term care insurance.” 

According the the Association recommendations, with employer-offered long-term care insurance there are important factors consumers need to evaluate.  “By doing careful comparison shopping, you might find you are able to get equal or even better coverage for less money,” Slome acknowledges.  “A 55-year old couple could pay 25 percent less according to some current analysis.”

Over eight million Americans have long-term care insurance purchased either on an individual basis or through a group plan according to AALTCI’s 2011 Long-Term Care Insurance Sourcebook.  “Employers offering the coverage, typically on a voluntary basis, have been doing great work at expanding awareness for the importance of planning,” Slome adds.  “They are making coverage available to millions and offer coverage to many who might never health qualify for traditional individual long-term care insurance policy.”

As part of the awareness campaign, the Association launched a new online guide for consumers at http://www.aaltci.org/compare.  “We want to encourage anyone who is 50 or older to give serious consideration to planning for the risk of needing long-term care,” Slome concludes.  “If you plan to live a long life, into your 80s, 90s or even longer, you had better have a plan in place.”

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According to a new report by AARP, family members providing caregiver services for free is good for society.  But the researchers report that they need a lot more help.

“That could be the understatement of the year,” declares Jesse Slome, executive director of the Los Angeles-based American Association for Long-Term Care Insurance.  “Caregivers are the most under appreciated people in the country.  Well beyond the financial sacrifice, the emotional toll can not be calculated.” 

Lynn Feinberg, who co-authored the AARP study, says modern family caregiving is incredibly stressful.

“The burden on families is huge,” Feinberg says. “While families are stepping up to the plate and make this contribution to society, the cost to their own health and financial security is huge.” 

The AARP study found that caregivers who reduce work hours lose hundreds of thousands of dollars in income over a lifetime.   The researchers found that caregivers are also more prone to depression, physical ailments and social isolation. 

In 2009, about 42.1 million family caregivers in the U.S. provided care to an adult with limitations in daily activities at any given point in time, and about 61.6 million provided care at some time during the year.  

“Caregiver burn out is common and it will only grow as the huge wave of baby boomers ages,” Slome adds.  “Boomers have fewer adult children available to provide free care and high divorce rates make it more likely that aging boomers will be living alone when care is needed.”

The American Association for Long-Term Care Insurance called for increased consumer education.  “This is a new issue facing Americans and widespread education regarding planning options is necessary,” Slome states.  “Without planning, millions will turn to already strapped government programs like Medicare and Medicaid and millions will face no other option but to place someone in a nursing home, which is what nobody wants.” 

Last week, the Obama administration joined labor groups calling for the creation of 2 million more jobs in home health care, plus a new visa for immigrants willing to enter the field.  “That’s a good start but home care services can be very expensive and government programs will be increasingly limited in terms of available funds,” Slome explains.  “It’s important for people to either save for this contingency or have some limited long-term care insurance protection to cover costs should the need arise.”

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