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

No matter how many Presidential candidates espouse a national long-term care insurance agenda, passage and more importantly implementation is unlikely predicts Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).

“America has a serious long-term care problem and addressing it is necessary but we’ve been down this road previously,” shared Slome, AALTCI’s director.  “A national long-term care insurance program was passed by Congress, signed into law by President Obama as part of the Affordable Care Act (ACA).  The administration shut it down very quietly one night never to be heard from again.”

Commonly known as the CLASS Act, the program was abandoned.  “It really was a first,” Slome admits, “because I can’t think of any other new benefit signed into law that the federal government has just walked away from.”

Slome was sharing his opinion with some leading insurance professionals as part of a general overview of future trends.  “It’s true that the State of Washington has implemented a modest long-term care insurance plan that will be paid for by younger taxpayers who I suspect really didn’t take notice,” Slome commented.  “But, down the road when those in need realize that the benefit payments are really not sufficient, the State will have to return to taxpayers for more money just the way Medicare has increased the amount paid by workers to remain solvent.”

Taxpayers already pay the lion’s share of long-term care costs, Slome admits.  “Medicaid pays for billions of long-term care expenses for those who are needy, and expanding the Medicare program to include long-term care is fine if American taxpayers understand what it will cost and choose to bear that added cost.”

“The real risk of all the election-season discussion is that many individuals who are in their late 50s and early 60s will mistakenly put off thinking about their own future long-term care needs,” Slome warns.  “It’s natural to think that a government plan will arrive to take care of me, but if the CLASS Act teaches one any lesson, it’s that even after passed into law, the Federal government decided to abandon the program as unworkable.”

Slome urged planning for long-term care begin prior to age 65.  “There are many reasons to plan prior to 65,” Slome explained.  “If you want long-term care insurance to be an option, meeting the insurer’s health qualifications is more difficult after 65 and, of course, insurance is less expensive if you lock in coverage earlier.”

The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.   Established in 1998, the organization connects consumers with knowledgeable professionals who are independent advisors for no-cost, no-obligation long-term care insurance costs quotes and policy comparisons.

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

The Observer, an online news service, has just published an editorial feature by Jesse Slome of the AALTCI in support of a viable long-term care insurance marketplace.

“The future of traditional long-term care insurance is vital to all Americans and the matter needs to be addressed,” states Jesse Slome, director of the American Association for Long-Term Care Insurance an advocacy group.

The article focuses on the important role long-term care insurance plays in support of Americans.  “Long-term care insurance already benefits hundreds of thousands of individuals and their families,” Slome points out.

AALTCI’s director notes that annually, LTC insurers pay out approximately $8.6 billion and are expected to pay out between $150 and $180 billion over the next decade.  “The number of Americans receiving LTC insurance benefits is increasing each year, with more than a quarter of a million policyholders receiving benefits in 2016,” Slome adds.

IMPORTANCE OF GENWORTH TRANSACTION

The article authored by Slome makes note of the importance of the Genworth acquisition by China Oceanwide, and voices the industry expert’s concerns should the transaction not take place.

“Genworth is one of the few remaining U.S. insurance carriers committed to long-term care insurance and one of the few carriers working with regulators and both state and federal governments on solutions to overcome the widespread challenges plaguing the industry,” Slome points out in the editorial. “However, Genworth will only be able to steward the change needed if it receives the stabilizing cash infusion provided by the transaction [with China Oceanwide].”

To read the full article go to:
http://observer.com/2017/09/long-term-care-insurance-depends-on-genworth-oceanwide-transaction/

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“Prices for insurance are based on risk which is why men pay more for life insurance and bad drivers pay more than good drivers,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    Slome was reacting to the National Women’s Law Center administrative complaint filed against Genworth, John Hancock, Transamerica and Mutual of Omaha on the grounds that gender-based premiums for long-term care insurance violated a provision of the Affordable Care Act.

“I wonder if they realize that men pay more for Medicare Supplement insurance, which augments Medicare health benefits?” Slome posited.    He noted that a recent comparison of equal policy amounts revealed that men paid 15 percent more than a same-age female applicant.

“Women have a far greater risk of needing long term care insurance and, in fact, receive two-thirds of the claim benefits paid by insurers,” Slome noted.  The organization recently released the results of a study reporting that long term care insurers paid some $7.5 billion in claim benefits in 2013, a significant increase over the prior year.

According to AALTCI, unisex rates, where single women pay the same as single men, are still available in a number of states.  “The opportunity to take advantage of this is ending as insurers continue to roll out new policies on a state-by-state basis,” Slome admitted.   The Association recently reported that unisex rates could still be found in 16 states.  “But the number keeps declining which is why we urge single women in their 50s and 60s to at least inquire into what long term care insurance costs,” Slome shared.

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.

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“Last Spring, the nation’s leading long term care insurance companies began charging women more for long term care insurance coverage,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).   According to AALTCI, women account for two-thirds of the claim benefits paid by insurers.  “The industry paid $6.6 billion in claim benefits in 2012 with two thirds going towards the care needs of women.”

Sex distinct pricing, whereby women pay more has been rolled out systematically on a state-by-state basis.  “According to our analysis there are still sixteen states and the District of Columbia where at least one major carrier offers unisex pricing for long term care insurance,” Slome notes.  “That still provides a window of opportunity especially for single women but that window is closing.

According to the Association analysis, leading insurers including Genworth Financial, John Hancock, Mutual of Omaha and Transamerica Long Term Care still offer unisex pricing in Arizona, California, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Indiana, Massachusetts, Maryland, Montana, New Jersey, New York, North Dakota, Oregon, South Dakota and Virginia.

“The difference in what you’ll pay can be significant making comparison shopping all that more important,” Slome advises.   “This is an instance where working with an independent long term care insurance specialist appointed with multiple companies can truly be to your advantage.”

For information about long term care insurance costs or to connect with a long term care insurance specialist who is a member of the Association call the organization at (818) 597-3227 or on their website at www.aaltci.org where access to free consumer guides is available.

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Times Square Billboard Features Long Term Care Insurance Association Director

importance of long term care insurance a Times Square billboard was utilized by the American Association for Long Term Care Insurance.

“Consumer awareness and education is our number one priority and the world’s crossroads is the ideal place to start generating exposure,” declares Jesse Slome, director of the American Association for Long Term Care Insurance.   The Association executive director’s image appeared on a Times Square billboard as part of a national public relations campaign launched last week.

The Association is releasing results of their 2014 Long Term Care Insurance Price Index.  “People need to understand that long term care insurance can be much more affordable than many perceive,” Slome notes.  “We undertake the annual study to show different typical scenarios that are very helpful in addressing misperceptions about the costs for this valuable protection.”

Slome’s image on the billboard appearing on Manhattan’s Seventh Avenue and 43rd Street was part of the national campaign that included a national news story that was utilized by several hundred media.  “Positive news is a good thing and we are very proud of the work we undertake to educate consumers,” Slome adds.

For information about long term care insurance costs or to connect with a long term care insurance specialist who is a member of the Association call the organization at (818) 597-3227 or on their website at www.aaltci.org where access to free consumer guides is available.

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“Where is the industry headed over the next three to five years is foremost on everyone’s mind,” says Jesse Slome, director of the American Association for Long Term Care Insurance and organizer of the industry conference.  “Will traditional long term care insurance products survive or will linked benefit products become the mainstream solution?”

The CEO Forum is part of the three-day conference that takes place May 18-20, 2014 at the Westin Hotel in Kansas City.   “This is truly an open forum where Summit attendees get to pose their questions,” Slome explains.  “This is a critical time for the long term care insurance industry and I’m sure this 90-minute session will be one of the highlights of the conference.”

The five panel participants announced today are:
Michael Doughty, President and General Manager, John Hancock Insurance
Michael Hamilton, Vice President, Lincoln Financial Group
Tim Kneeland, President, Transamerica Long Term Care
Scott McKay, Senior Vice President, Genworth Financial
Steve Sperka, President & CEO, Northwestern Long Term Care Insurance Company

Information about the 2014 National Long Term Care Solutions Sales Summit can be obtained by calling the organization at (818) 597-3227 or on their website at www.aaltci.org/2014summit.

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combination long term care insurance policy comparisons from AALTCI

Los Angeles; November 12, 2013 – An analysis revealing significant differences between the most popular combination long term care insurance policies helped generate widespread national news this week for the American Association for Long Term Care Insurance.

“We’ve seen an increase number of consumer inquiries about combination life insurance policies offering long term care insurance like benefits,” declares Jesse Slome, director of the American Association for Long Term Care Insurance.  “Our conversations revealed that consumers assumed these policies are all very similar in terms of key components, especially the amount of benefits they ultimately provide.  There is lots of interest in what many call ‘new and improved long term care insurance’ but there can be vast differences in ultimate benefits paid.”

Working with leading independent experts, the Association undertook an analysis of leading combination long term care insurance, also known as hybrid long term care policies.  “We found significant differences,” says Slome. “Some would pay far more if long term care services were needed, others had a higher life insurance benefit that would be paid to heirs.”

A release distribution of the analysis resulted in widespread media attention.  “Several hundred major media picked up the story including Yahoo Finance, The Wall Street Journal’s MarketWatch column, Reuters and some 200 newspapers, business journals and local television stations,” Slome reports.  “There has been a high level of interest in this as more consumers are being told about combo LTC products by their financial advisors.”

The Association’s analysis pointed to the value of getting a comparison from a knowledgeable combination long term care insurance specialist.   ”Not all financial advisors have access to products from multiple companies,” Slome adds.  To learn more about combination long term care insurance or obtain comparison quotes  from a specialist call the organization at (818) 597-3227 or visit their website at www.aaltci.org.

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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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