“With linked-benefit policies now outselling traditional long-term care insurance, consumers are requesting more meaningful price and benefit information,” explains Jesse Slome, AALTCI’s director.  ”The organization annually reports price information for traditional long-term care insurance.”

“Linked-benefit long-term care policies are different from traditional LTC policies,” Slome stresses.  “Prices vary of course but the more significant difference is the value of future benefits.”  The 2022 Linked Benefit Long-Term Care Price Index reports and compares a combination of premium costs as well as future available long-term care and life insurance payouts.

The analysis reports information for both men and women purchasing coverage at ages 55 and 65.  Four of the nation’s leading linked-benefit insurance companies were analyzed (without providing specific company names).  The analysis only included policies filed as IRC 7702B linked-benefits.

Two Examples For A 55-Year-Old Male

Yearly Cost:   (A)  $6,100/year   -   (C)  $5,235/year
Maximum LTC Benefit at Age 85:   (A) $753,627   -   (C)  $568,801
Death benefit (at Age 100):   (A)  $274,405  -    (C) $240,804

Two Examples For A 65-Year-Old Female

Yearly Cost:   (A)  $13,048/year   -   (C)  $12,368/year
Maximum LTC Benefit at Age 85:   (A) $560,796   -   (C)  $482,400
Death benefit (at Age 100):   (A)  $456,674  -    (C) $456,236

“The future potential benefits can vary from one insurance company’s policy to another,” Slome explained.  “Selecting the right coverage is a lot more complex than simply looking for the lowest premium cost.  And since it almost never pays to drop and replace coverage, making the right initial plan choice is of paramount importance.”

Linked-benefit policies are typically life insurance policies designed to pay a death benefit if none or only some long-term care benefits are paid out.  “Here again, the maximum death benefit for someone buying at age 55 varied from a low of $100,000 to as much as $274,405.”

The Association director stressed the importance of comparing coverage before buying. “With their growing popularity comes a need for increased consumer education,” Slome advises.  “we will be spending far more attention on this subject.”

To access the 2022 Linked Benefit Long-Term Care Price Index information, go to https://www.aaltci.org/linked-benefit-price-index-2022/.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning and supports insurance professionals who market both traditional and linked-benefit LTC solutions.  To access the latest long-term care insurance statistics regarding need and insurance, visit the Association’s Data Center at www/aaltci.org/LTCFacts-2022/.

To obtain long-term care insurance costs from a long-term care insurance specialist call the organization at 818-597-3227 or visit their website www.aaltci.org.

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“More consumers have been calling with questions about these increasingly popular options but they clearly don’t understand there can be significant differences between policy costs and benefits,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “Often they are presented with one plan option and that may or may not be the best option available for their future wants and needs.”

The Association has created a new presence on the organization’s website that spells out seven differences between available hybrid plans.

“Our goal is simply to make consumers aware of the differences,” Slome notes.  “You only buy long-term care insurance protection one time and so it is vital to get as much information as possible before you spend what can be a considerable amount of money.”

The long-term care insurance expert points out some of the significant differences include how one is ultimately paid benefits.  “Some policies offer a limp sum cash payment once you meet the claim qualifications,” Slome explains.  “Others are more restrictive and reimburse and may have requirements regarding who can provide care.”

Most hybrid long-term care policies are life insurance policies.  “The ability to have a death benefit paid to beneficiaries is something that makes these attractive to consumers,” Slome notes.  “One policy will provide a death benefit greater or equal to what you paid in. Another will have lower death benefit but higher LTC benefit amounts.”

To learn more about hybrid long-term care insurance visit the organization’s website.  The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance professionals who market long-term care insurance.  To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at www.aaltci.org.

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“One of the anticipated sessions will be a ‘how to’ session featuring one of the nation’s leading experts in the field of selling linked benefit products,” announces Jesse Slome, director of the American Association for Long Term Care Insurance.  Gene Pastula, president of San Diego-based Westland Financial Services, Inc., will deliver a 75-minute session, “How To Sell Linked Benefits; Best Ways To Get To Yes.”

The Association’s Summit takes place May 18-20, 2014 at the Westin Hotel Crown Center in Kansas City, Missouri.    The Association recently announced a special, highly discounted early registration rate of $69 that applies to registrations received by November 30, 2013.

This marks the 11th Summit organized by the Association.  The event will offer attendees the opportunity to participate in nearly 40 different workshops and keynote addresses covering the marketing and sale of both traditional long term care insurance as well as combination long term care products.   Exhibitors representing leading combination LTC insurance companies will also be present.

November 30, 2013 is the final day to register for the conference at the special $69 rate.  “Nothing will ever replace face-to-face networking with your peers from around the country,” Slome explains.  “If you want to know what’s working today, not what worked five years ago, you need to come and talk to others who are enjoying their most successful years in the long term care insurance business.”

Complete information on the 2014 National Long Term Care Solutions Sales Summit can be accessed online at the Association’s website.

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According to annual research conducted by the American Association for Long-Term Care Insurance women comprised just over 60 percent of new buyers the study found.

“Linked life insurance policies that offer long-term care benefits experienced significant growth in 2010,” states Jesse Slome, the national trade organization’s executive director.  “Consumers are finding these products offer a significant advantage when it comes to long-term care planning.”

Newer life insurance policies offer the ability for the policyholder to access funds should a need for long-term care occur.  “For those with sufficient savings to purchase coverage, these new forms of protection help overcome the what if I don’t need long-term care,” Slome explains.  If the policy benefits are not used for long-term care, the designated beneficiaries receive the death benefit.

According to data published in the Association’s 2011 Long-Term Care Insurance Sourcebook, over one-third (34%) of women who purchased new life+LTC policies in 2010 were between ages 55 and 64.  Nearly 40 percent were between ages 65 and 74.    Male purchasers tended to be slightly older Slome acknowledged.

“You need to have a fair amount of savings or what I call lazy money,” Slome explains.  “Lazy money consists of funds sitting in low-paying Certificates of Deposit that can be easily put to far better use on your behalf.”

The single premium face amount of just over two-thirds of new policies purchased in 2010 was over $100,000.  About a quarter of buyers opted for a face amount of over $200,000.

The complete findings are published in the Association’s 2011 Long-Term Care Insurance Sourcebook that can be obtained from any of the organizations 3,000 members.   Slome advises consumers considering long-term care insurance to carefully compare coverage with a knowledgeable professional.  ”Costs for virtually identical coverage can vary by as much as 40-to-60 percent,” he warns.

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