“Newer policies introduced by leading insurers offer some significant savings advantages well worth considering,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  The head of the national trade group based in Los Angeles, CA encourages consumers between the ages of 55 and 65 to begin planning by working with a knowledgeable professional.

“Policies today have evolved to meet both the needs of younger individuals who want to plan and to take into account the current economic conditions,” Slome explains.  “When interest rates were higher and when inflation was high, the standard long term care insurance policy option selected increased policy benefits by five percent yearly,” he notes.  “Today that is a very expensive proposition and may simply be out of reach and not needed by many.”

According to the Association, a couple both age 55 who apply for long term care insurance today can expect to pay around $4,100 a year for an initial policy providing $164,000 coverage for each which grows at five percent yearly.

By comparison, Slome notes that the same initial coverage would cost $1,300 if the couple selected a Future Purchase Option.  “This is an outstanding option because it allows the couple to increase benefits in future years without having to meet new health qualifications,” Slome explains.  Leading insurers such as John Hancock offer options like this as part of their new Benefit Builder series.

“Just as people today want fuel efficient cars because gas prices have significantly risen, people who want long-term care protection should consider the significant merits and savings obtained by opting for the Future Purchase Option feature,” Slome advises.  The expert notes that not all insurers today offer this benefit.  “With long term care insurance the policy options and costs can vary significantly from one insurer to the next,” Slome notes.  For example, while the average cost reported was $1,300 annually, the cost ranged from a low of $1,250 to a high of $1,770.

For long term care insurance costs connect with an endorsed long term care insurance professional and member of the American Association for Long-Term Care Insurance visit the organization’s website or call the national organization at

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