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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“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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“Finally, some good news has been the reaction from insurance professionals,” says Slome, director of the long term care insurance association that has been releasing the findings of their 2014 Long Term Care Insurance Price Index.  “The past few years have seen news reports citing rate increases so any news regarding people paying less for this important protection is most welcome.”

According to the Association’s first release of their 2014 price study, The typical healthy 55-year-old male can expect to pay almost 15 percent less for long term care insurance coverage purchased in 2014 compared to last January.    ”Men have historically been resistant to purchasing long term care insurance,” Slome adds.  “So, perhaps this dose of good news will help address their denial of the reality of aging and the risk of needing costly care.”

The AALTCI study does reveal that couples face an increase in rates compared to costs in the prior year.   Leading insurers included in the study include Genworth Financial, John Hancock, Mutual of Omaha, Transamerica, New York Life and Northwestern Mutual.

The Association began releasing the findings via a national distribution supported by The National LTC Education center and HTA Financial Services, a leading long term care insurance brokerage firm headquartered in West Chester, PA.  “We sincerely appreciate their commitment to building the industry and to helping us disseminate this positive news,” Slome added.  He notes the news story has been utilized by nearly 400 media outlets.

Free access to read informational guides is available on the Association’s website.  To obtain long term care insurance costs connect with a professional by calling the national organization at (818) 597-3227 or visit the Association’s website at www.aaltci.org.

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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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“Long term care insurance is a vibrant and a significant industry, one that will continue to grow and thrive,” declares Jesse Slome, director of AALTCI, the national trade group.  “We are very proud to have these leading insurers involved in the nation’s largest conference exclusively focused on the marketing and sale of long term care insurance options.”

Between 500 and 700 insurance professionals are expected to attend the three day event which takes place in Kansas City next May.    ”This is the one place where you’ll find both industry veterans alongside hundreds of insurance professionals who are just starting their career helping consumers plan for the real risk of needing long term care,” Slome shares.    For the first time, key sessions from the 2014 conference and expo will be broadcast live online available free-of-charge to agents not able to attend.

The 2014 Long-Term Care Solutions Sales Summit takes place May 18-20, 2014 at the Westin Hotel in Kansas City.    The three-day program includes multiple workshop sessions focused on the marketing and sale of traditional long-term care insurance as well as hybrid or asset-based LTC solutions.

Early Registration Savings Offer Ends Next Week

The Association announced a special early registration discounted fee of $69 which is being offered through November 30, 2013.   After that, registration costs rise to $149.   Complete information on attending the Summit in-person or the free online access to streaming sessions can be accessed via the Association’s website at www.aaltci.org/2014summit or by calling 818-597-3227.

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“The long period of historically low interest rates sustained by the Federal Reserve has impacted long term care insurance companies,” explained Jesse Slome, executive Director of the American Association for Long-Term Care Insurance.  “No one has really thought about the outlook when interest rates rise again.”

Slome was discussing the economic outlook with executives who market long term care insurance.  “When interest rates rise, insurers will earn more which they will need to pay claims and also to meet profit objectives for their long term care insurance product lines.  There is a real reason for optimism in our industry because we are already seeing interest rates rise.”

“The impact is not immediate but will positively effect revenue over time,” explains Claude Thau, a leading industry expert in Overland Park, Kansas.  According to industry professionals, when the portfolio rate earned on a company’s in-force business increases by one percent, a long-term care insurer with $10 billion in reserves will gain roughly $100 million of additional revenue annually.   “This amount is prior to any federal corporate taxes that may be due on that additional income,” Slome clarified.

According to the Association the two largest long term care insurers include Genworth Financial Inc., with over 1.1 million policyholders and some $9.96 billion in policy reserves.  John Hancock, owned by Canada’s Manulife Financial Corporation, has two companies with long term care insurance.  The two entities insure over one million individuals and have roughly $8.0 billion in policy reserves.  “There are many other large insurers who will benefit as rates rise again,” Slome shared.

Established in 1998, the American Association for Long-Term Care Insurance advocates for the importance of long term care planning and supports insurance professionals who market the complete range of planning products.  The Association makes available free consumer guides providing the most current information as well as tips to reduce the cost of long term care insurance.

To request a free, no-obligation long term care insurance costs comparison from a designated specialist who is a member of the Association, visit the organization’s website or call 818-597-3227.

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“Medicaid is a valuable and very necessary safety net for America’s poor and less fortunate and it is by far the largest payer for long term care expenses,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “But, the more who need, the less this taxpayer-paid program will be able to provide and those who have means need to consider what that means to them.”

In a conference call with consumers earlier today, Slome noted that the data reported in yesterday’s Wall Street Journal noted that food stamp use is swelling, as is Social Security disability recipients.  “In 2008 there were around 9 million recipients and in 2013 there will be nearly 11 million, and there is a definite limit to what programs can provide in the face of greater need,” Slome noted.  “This will be especially true looking ahead as millions of Baby Boomers reach the age when they need long-term care services without any savings or assets to pay for care.”

“If you are in your mid-to-late 50s, have some savings and assets, own a house and have a job then long term care planning is something everyone needs to do,” Slome advocated.  “This is when you’ll have the most options available to you, including long-term care insurance which isn’t a universal solution but certainly can be an important part of avoiding a future need for government assistance.”

“It’s a mistake to look at long-term care insurance as a means of paying the full cost of long term care expenses,” Slome shared with the consumers.  “You’ll have savings and retirement income including Social Security that can be used to pay some of the cost with insurance augmenting and enabling you to have more options such as bringing a caregiver into your own home.”  The Association director advocates a ‘Good, Better, Best’ approach to long term care insurance planning.  “You can make this coverage far more affordable than you think,” he advised the group.

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 visit the organization’s website or call the national organization at 818-597-3227.

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“Long term care insurance can be a very viable business but an insurance company needs both critical scale and a commitment to meeting the needs of policyholders,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “Many companies have recognizable names but they really don’t sell many policies and that often is an indicator of things to come.”

Speaking to Association members who questioned the move, Slome noted that the Association recently reported that leading insurers recorded a 30-to-55 percent increase in policy submissions for the first two months of the year.  “Companies like John Hancock and Mutual of Omaha are large entities that are actively building the marketplace,” he added.

“There are several reasons why an insurance company ceases selling products in certain states,” Slome shared with the group.  “It could be in anticipation of filing a newer product with State Departments of Insurance, during which they no longer want to offer a product they believe is underpriced to pay future claims.”  He noted that this was a similar reason other insurers have taken similar steps in California.

“Bottom line, there are still many options for consumers interested in protecting their future,” Slome added.  “And, even when an insurance company ceases selling new policies they still must honor all the policies in-force, something consumers do not always understand.”   The long term care insurance expert noted that there were once as many as 100 insurance companies offering policies.  “Today, we have roughly 10 companies due to mergers, acquisitions and, of course, companies exiting the marketplace,” Slome notes.  “But there once were 100 car makers in the U.S. and today just a handful remain.”

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 visit the organization’s website or call the national organization at 818-597-3227.

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