“Things change and when it comes to long term care planning, we are seeing important changes that will benefit those who specialize,” noted Jesse Slome, executive director of the American Association for Long-Term Care Insurance.   The head of the national trade group was addressing insurance professionals who market long term care solutions.

“Consumers with health issues today recognize the benefit of getting advice from a medical specialist who focuses on a specific, very narrow field,” Slome noted.  “Today, the nuances between not just long-term care insurance products but the different options such as hybrid life insurance products are changing the landscape.”  Slome noted an increase in calls from consumers whose financial advisor recommended a hybrid life insurance product that also provided a long term care potential benefit.

“Spending between $50,000 and $100,000 per-person is not a casual expenditure for many and an increasing number of consumers are calling the Association to determine if this really is their best option,” Slome reports.  “We explain that the best option addresses both their current financial situation and approach to planning and that they may want to take a more comprehensive review which really can only be done by an knowledgeable specialist with knowledge of both options.”

With that in mind, Slome encouraged insurance professionals gain knowledge of all approaches.  “The ideal medical professional understand not just drugs but non-traditional approaches to healthy lifestyles and treatment of conditions,” Slome shared with the group.  “The future will belong to long term care insurance experts who are specialists offering all options and solutions to individuals.  One option, one insurance policy really has never been the best option and in the Internet age it will quickly fade into oblivion,” he predicted.

The American Association for Long-Term Care Insurance was established as a not-for-profit trade group and focuses on educating both consumers and insurance professionals.  For additional information on long term care insurance costs or to connect with a long term care insurance specialist visit the organization’s website or call the national organization at 818-597-3227.

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“There are many ways Americans can plan for the eventual need for long term care and our role is to educate consumers about their choices and make it as easy as possible to pick the best one,” says Jesse Slome, executive director of the American Association for Long Term Care Insurance.  The industry trade group supports insurance agents and financial professionals who market solutions to clients.

Life insurance policies that pay long term care benefits when a person meets qualifying conditions have existed for a number of years as have annuity contracts that offer this option.  “Lately we are seeing riders to life insurance policies that appear to be the same but insurers offering them sometimes don’t have any long term care insurance experience so we want to make sure they are designed to really benefit consumers in the years to come,” Slome states.  “Our philosophy is that an educated consumer prevents problems down the road both for their family as well as for the industry itself.”

The Association has announced an initiative designed to look into these newer riders and to help provide a balanced look that will benefit consumers.  “There is no one single best solution that fits for every person,” Slome notes.  “But financial products can be complex and we are getting an increasing number of calls from consumers who are concerned and want to know more.”

Some eight million Americans currently have some form of long term care insurance protection according to AALTCI.  “We have a long way to go and much to do,” Slome concludes.  “You have to start somewhere.”

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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