Click to access 2024 Long term care insurance statistics

The annual Long-Term Care Insurance Price Index was pre-released today by the American Association for Long-Term Care Insurance.

“People have many misconceptions about long-term care insurance and we post data to help them better understand what can be a confusing topic,” states Jesse Slome, director of the long-term care insurance organization.

The 2024 Long-Term Care Insurance Price Index is the organization’s annual compilation of costs for both traditional and linked benefit long-term care insurance.

“First, prices for traditional long-term care insurance can vary significantly depending on which insurance company you select,” Slome points out. “You generally only buy this protection once so selecting the right insurer is of upmost importance.”

The long-term care insurance expert pointed out that the vast majority of long-term care coverage purchased in 2023 consisted of linked-benefit policies. “Consumers like the ‘don’t use it – don’t lose it’ aspect of a life plus LTC policy,” Slome agrees. “But it’s not like this comes without a cost.” The 2024 Price Index attempts to compare premium costs for virtually equal coverage under both options.

The 2024 Long-Term Care Insurance Price Index along with other statistics and data can be accessed via the Association’s website at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Jesse Slome is recognized as a leading long-term care insurance expert at https://www.aaltci.org/for_media/.

To learn more or to connect with long-term care insurance specialists visit the organization’s website or call 818-597-3227.

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“Just over 76 percent of new buyers of a long-term care insurance policy do so after turning age 50 and before they turn 70,” AALTCI’s director shared with insurance professionals who market the protection.  “It is important to understand the marketplace in order to know how to effectively communicate with prospective buyers.”

Slome shared that most buyers today are between ages 55 and 59 (24.7%) or between 60 and 64 (23.2%).  “The sweet spot for buying traditional health-based long-term care insurance is between 55 and 65, before you go onto Medicare,” Slome noted.

“Once on Medicare, many individuals take advantage of the excellent health preventative tests ad covered doctors visits, which is a good thing because these exams often detect problems that can be addressed,” Slome explained.  “But, the exams also can uncover conditions that may make it impossible for an individual to health qualify for long-term care insurance.  That’s why we urge action prior to reaching Medicare age.”

Slome urged planning for long-term care begin prior to age 65.  “There are many reasons to plan prior to turning age 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 at younger ages.”

Data on long-term care insurance sales by issue age as well as the most recent data on benefit period selected was posted on the Association’s website and can be accessed at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2019.php

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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Long-term care insurance covers home care for claimants

To create heightened awareness of the fact that most long-term care insurance claims begin in the home, the American Association for Long-Term Care Insurance (AALTCI) has released a new infographic.

“More than half of all newly opened long-term care insurance claims begin with the policyholder receiving care in their own home,” states Jesse Slome, director of long-term care insurance organization.   “Too many people only associate long-term care insurance with care received in a skilled nursing home setting which simply is not the case.”

According to a study conducted by the association, some 52.1 percent of all new long-term care insurance claims that started in 2017 began in the home setting.  AALTCI created a special infographic that will be available to requesting members that promotes this important fact.  The Association develops multiple tools that can be used by agents who market insurance products.

“We know that consumers want to remain in their own homes and having a long-term care insurance policy can make it easier for them to do just that,” Slome shared with top LTC experts.   “Home care benefits from a long-term care insurance policy is one fact that surprises consumers,” Slome adds.  “The other is that policies, especially for those wanting home care benefits, can be more affordable than many people think.”

In addition to traditional LTC policies, in many states consumers can obtain short-term care insurance coverage that will provide home care benefits for up to 360 days.  “A significant percentage of home care claims last one year or less, making this a very viable and affordable option,” Slome suggests.

Consumers who want to learn more about long-term care insurance costs and planning options can call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the organization’s website at www.aaltci.org to find and connect with local LTC insurance professionals.

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Home Care Costs 2015

June 26, 2015, Los Angeles, CA –   The rate for a home health aide averages $21 an hour according to the latest report published by the American Association for Long Term Care Insurance.

“When it comes to long term care, the vast majority of care is provided in the home,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  The national organization included costs for home care services, assisted living community and skilled nursing home care as part of the 2015 Sourcebook for Long Term Care Insurance Information.

“Just over half of all long term care insurance claims start with the policyholder receiving care at home,” Slome notes.    ”First, that’s where most of us would prefer to be as opposed to a nursing home setting and the insurance policy benefits make it possible for people to get that needed care at home.”

According to the AALTCI report, costs for home care services have remained relatively stable over the past few years.  “People buying long term care insurance today need to understand that having insurance that pays some but not all of the cost is a prudent way to plan,” Slome shares.  “It’s also a way to make this protection very affordable, with a 55-year old paying around $100-to-$130 a month for protection.”

Slome advocates the ‘Good Better Best approach to long term care insurance planning.  The Association offers free access to a video explain how to reduce the cost.  The videos can be found at www.aaltci.org/videos.

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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best long term care insurance website

The nation’s leading long term care insurance trade organization calls on health and consumer groups to heighten awareness of advances in understanding ways consumers can significantly reduce the risk of getting dementia.

“Another major study finds that some simple lifestyle changes can reduce the risk of cognitive decline by 60 percent,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).   ”If there was a pill that had the same effect, everyone over age 50 would be taking a daily dose.”

According to the long-term care insurance organization, dementia, which can include Alzheimer’s disease, affects 15 percent of the over 70 U.S. population.  “The percentage affected increases as one ages,” Slome adds.  “This is not a nice disease, so when one hears of research that demonstrates simple ways to reduce risk, a call for heightened awareness is called for.”

Slome is referring to recent study reported in the Wall Street Journal.  Conducted at Cardiff University in the U.K., researchers followed 2,235 men for 30 years.  “The study started when these men were initially between ages 45 and 59 years old,” Slome notes.   The report found that men who consistently did a few things on a consistent basis reduced their risk for cognitive decline and dementia by 60 percent.

The activities included eating three or four servings of fruits and vegetables daily, maintaining a normal weight and a body-mass index of between 18 and 25, not smoking and limiting alcohol consumption.  Walking two miles a day or some similar activity proved to have the greatest impact on risk.

“Considering the millions of Americans who will be living into their 80s, 90s and beyond without a financial plan in place to deal with the costs of long-term care, it would be prudent for a massive educational effort,” Slome advocated.  “We’ll do our part to encourage more people to plan and to live healthy lifestyles.  I hope others join in the efforts.”

The American Association for Long-Term Care Insurance is a national trade organization that strives to create heightened awareness and understanding about LTC planning.  For more information or no-obligation long term care insurance cost comparisons call 818-597-3227 or visit the Association’s website at www.aaltci.org.

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“The population of seniors age 85 and older is projected to more than quadruple between now and 2050,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group based in Los Angeles, CA.  “Financing long term care in Virginia will become a huge problem and kicking the can down the road is fraught with enormous risk.”

The Association director praised a new report researched and written by Stephen Moses, president of the Center For Long-Term Care Reform and presented by the Thomas Jefferson Institute.  “This is a very well prepared look at the current environment that draws some very dire conclusions if we continue to hide our heads in the sand,” Slome explains.  “Kudos to Moses and the Center for another excellent look at the problem in an extremely fair and balanced way.”

“The cost for long term care paid by taxpayers through Medicaid programs are already straining budgets,” Slome notes.  “Medicaid consumes almost 17 percent of Virginia’s general fund expenditures, exceeding elementary and secondary education (15.8%).   And, it’s only going to get worse if nothing changes.”

The report outlines a number of recommendations designed to protect both the current welfare system for the state’s neediest as well as viable options that can assure individuals receive long term care services.  “Long term care insurance is definitely one of the options for those who can health qualify and can afford premiums,” Slome notes.  “Without it, you might just find yourself at the whim of whatever government programs may exist in the future or dependent on your family members to provide care.”

For additional information or for no obligation long term care insurance costs call the organization at (818) 597-3227 or visit their website at www.aaltci.org.

The full report can be accessed online at http://www.thomasjeffersoninst.org/files/3/LongTermCare.pdf

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long term care insurance costs for women, map shows low cost options

Los Angeles; October 25, 2013 – In roughly half of the country, a women will still pay the same for long term care insurance as a single man.  However, the opportunity to save will not last forever experts explain.

“This Spring, leading insurers started introducing new policies that charge single women an average of between 40-and-60 percent more than a comparably aged single man,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance.  “It is a progressive state-by-state roll-out however, and there are still 25 states where single women can lock in rates equal to those paid by men.”

According to an Association study, policies utilizing unisex pricing are still available in 25 states.  ” California, Florida and New York are some of the larger states where the savings advantage still exists for single women,” Slome notes.  “However, it is just a matter of time until their State Departments of Insurance get around to reviewing and approving the ‘sex distinct’ policies for sale to the public.  At that time, the current policies are no longer offered for sale.”

The organization’s study found that some states have approved one insurance company’s new policy but not all.   “There has always been a significant price difference between the rates charged by insurers,” Slome adds.  But now getting a cost comparison is extremely important for single women.”   A review of typical levels of coverage found that a 55-year-old single woman could expect to pay anywhere from 40-to-60 percent more than a single man.

“Women account for two-thirds of all long-term care insurance claims and benefit dollars paid,” Slome reports.  “That’s why insurers who paid out $6.6 billion in benefits last year recognize the need to charge women more, just as men and smokers pay more for life insurance.”

The Association has produced a map depicting states where at least one major long-term care insurance company still offers unisex rates.  It can be accessed at www.aaltci.org/women.

The American Association for Long-Term Care Insurance is the national trade organization focused on educating individuals about the importance of planning for the risk of long term care.  In 2001, the organization established Long-Term Care Awareness Month, a national effort that has been recognized by Congressional Resolution as well as by a number of States.

Link to webpage with long term care insurance costs for women map showing states where unisex rates still apply.

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Long term care awareness month logo 2013

Los Angeles; October 21, 2013 – November has been declared Long Term Care Awareness Month to support increased awareness and education surrounding the importance of planning for the risk of and the role played by long term care insurance.

“Long Term Care Awareness Month provides an opportunity for all those involved in the various industries to focus on creating heightened awareness,” shares Jesse Slome, executive director of the American Association for Long Term Care Insurance, the long term care insurance trade group.   Slome is the creator and founder of the Awareness Month program, first established in 2001.  The event was recognized by a Congressional Resolution and has been since proclaimed by governors and mayors across the country.

As part of AALTCI initiatives, the organization published a special insert within copies of November’s Kiplinger’s Personal Finance magazine.  “The special insert addresses strategies and provides examples of ways to save on long term care insurance, an important option that is again gaining recognition in light of fewer government options,” according to Slome.

Long Term Care Awareness Month is primarily designed to be a grassroots effort.  “We know that many companies undertake special programs and certainly insurance agents do what they can to use the opportunity to create awareness,” Slome add.  “We know many top long term care insurance specialists will offer a free, no risk evaluation of risk, needs and costs,” Slome shared.

The Association makes available artwork for the 2013 Long Term Care Awareness Month logo.   Consumers seeking information or long term care insurance costs can connect with a long term care insurance designated professional who is a member of the Association, by calling the organization at (818) 597-3227.

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2013 long term care insurance sales reported by AALTCI

Los Angeles; August 24, 2013 – Simplistic reports of data regarding long term care insurance policy sales result in a misunderstanding of market trends says the director of the American Association for Long-Term Care Insurance.

“During the first half of 2013, nearly 100,000 individuals purchased traditional long term care insurance policies and tens of thousands purchased life insurance and annuity products that provide long term care benefits,” declares Jesse Slome, executive director of the national long term care insurance industry trade group.  Slome was responding to questions by executives who market long term care insurance following a report that industry sales had declined 20 percent during the second quarter of 2013.

“Several long term care insurance carriers are reporting sales increases of 20 percent or more, and no one cites that,” Slome shared with the group.  “Others experienced sales growth of between 10 and 20 percent.  Overall sales were down due to several factors that impacted the first half of the year.”  Among those, Slome noted the failure of California’s Department of Insurance to approve newer policy filings had impacted sales.  “When the largest state in the nation has few options available, sales are going to be impacted.”

The national long term care insurance expert pointed to the continuing trend among insurance companies to be more selective in terms of accepting applicants.  “The knowledge gained over the past 20 years helps insurers understand long term health risks and to keep policy costs as low as possible which is what consumers want.  As a result, they will reject more applicants with existing health issues,” Slome explains.  “That reduces the number of overall policies sold.”

“Long term care is a universal issue facing Americans who are now living longer lives than ever but long term care insurance is not the universal solution,” Slome stated to the executives.  “There is a very defined market for this product but that is limited to those who can afford the premiums as well as meet the health qualifications when they apply.”

“Those who advocate a new national long term care insurance program as part of Medicare have yet to make a proposal that has any semblance of reality,” Slome concluded.  “We don’t see the American public or politicians for that matter ready at this point to add a new health care-related mandate or increase taxes, which leave families only three options; turn family members into caregivers, pay for care or have insurance to pay some of the cost of care.”

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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Life events tend to trigger the decision to plan according to a national consumer study of long term care insurance purchasers. Mutual of Omaha commissioned the MSR Group to conduct a telephone survey with its own policyholders as well as those who own policies from other companies.”Planning for retirement or entering retirement was the primary motivator for 52.1 percent of buyers,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.   “More than a third (34.7%) were influenced by an experience with a loved one who needed long-term care services.”

Nearly a quarter of respondents (23.6 %) shared that protecting their assets was the primary purpose for purchasing a long-term care insurance policy.   Security or peace of mind knowing future needs would be met was cited by 18.1 percent and 17.4 percent wanted to avoid being a financial burden to family.

When asked why they purchased a policy when they did rather than waiting, most of the survey participants said they were aware that the cost of long-term care insurance increases with age.  Concern about future health was cause for action by 11.4 percent of policy buyers.

“The sweet spot for investigating long term care insurance is between ages 50 and 65 because individuals must still be relatively healthy,” suggests Jesse Slome, director of the American Association for Long Term Care Insurance.  “Some insurance protection in combination with Social Security income and savings is not just a prudent way to plan, but makes this protection far more affordable than many expect.”

According to the Association’s 2013 Long-Term Care Insurance Price Index a married couple both age 60 would pay $1,816 annually for a policy providing each spouse with $162,000 of protection.  “We advocate a ‘Good, Better. Best’ approach to long-term care insurance planning,” suggests Slome.  “A policy should be tailored to your individual situation so you achieve both affordability today and peace of mind and security tomorrow.”

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