According a study of new buyers conducted annually by the American Association for Long-Term Care Insurance a growing percentage are choosing newer growth options including one that increases benefits by three percent annually.  “You want your coverage to grow to keep pace with anticipated increased costs over time,” explains Jesse Slome, executive director of the national trade organization.

Historically, the most popular option increased future benefits by five percent, Slome notes.   “Today, three percent is becoming the new five percent because consumers are finding it a far more affordable and therefore attractive option.”  The long term care insurance expert explains that costs for coverage and benefit increase options are closely tied to interest rates.  “With interest rates at near zero with no one predicting any change in the next few years, how can you increase benefits at five percent and keep the premiums affordable?” Slome asks.  “As a result, newer options which benefit consumers are being offered.”

The Association study found that 23.5 percent of new buyers opted for the three percent compound growth option in 2011 up from 16.7 percent during the prior year.   The percentage of those selecting the old-style five percent growth option declined from 42.8 percent to nearly 34 percent.

The need to plan for the eventual risk of needing long term care is vital for individuals over age 50 according to Slome.  “We tell people the risk they will need care is either zero percent or 100 percent and the question is, do you have a plan in place?”  Not all those who want to purchase insurance can do so according to the Association.  “You must be able to health qualify for this coverage and you must be able to afford the premiums,” Slome concludes.  “The newer options now available make it much more affordable for many more people who recognize the risk they face and want to prepare.”

For more information or to connect with a knowledgeable long term care insurance professional designated by the Association, call their Los Angeles national headquarters  at (818) 597-3227.  You can also access informative guides authored by Slome on reducing long term care insurance costs via the Association’s website.

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“We applaud the study because Americans are already experiencing a health crisis and the problem is only going to get worse,” shares Jesse Slome, executive director of the American Association for Long  Term Care Insurance, a national trade organization that studies health and medical trends that impact the needs of older Americans.

“People incorrectly assume that everyone can purchase long term care insurance, but that is just not true,” Slome shared with consumers this week.  “Diabetes is one of the conditions that will prevent you from health qualifying with most insurance companies clearly because it is a leading reason people will need costly long-term care.”

The German study involved over 5,500 individuals with diabetes.  Scientists reported that those individuals who maintained moderate levels of physical activity had the lowest risk of death.  A second study cited by Slome found that weight training without any aerobic activity can help prevent Type 2 diabetes.  The study of 32,000 men drew the conclusion that by increasing muscle mass and improving insulin sensitivity, the study participants benefited.

Approximately 20 percent of those individuals who apply for long term care insurance are declined for health reasons according to Association study.  “The percentage of declined applicants increases for older applicants,” Slome notes.  “We advise individuals to look into their long term care planning options prior to reaching age 65 when they qualify for Medicare.”

According to the study’s group of participating men those who engaged in aerobic exercise for up to one hour weekly reduced their risk of type 2 diabetes by seven percent. Between one hour and 150 minutes of aerobics reduced risk by 31 percent, and those who performed at least 150 minutes of aerobic exercise reduced their risk by 52 percent.

“We need to encourage much more awareness of what it takes to live a long and healthy life,” Slome concluded, “and then how to plan for living into your 90s and beyond.”

For more information or to connect with a knowledgeable long term care insurance professional designated by the Association, call their Los Angeles national headquarters  at (818) 597-3227 or read free guides authored by Slome on reducing long term care insurance costs that can be accessed on the Association’s website.

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According to analysis of data by the American Association for Long-Term Care Insurance the majority (56 percent) were women.  “Eldercare providers are those who provide unpaid care to someone over the age of 65 who needed help because of a condition related to aging,” explains Jesse Slome, executive director of the national trade organization that studies health and medical trends that impact the needs of older Americans.

According to Slome, individuals ages 45 to 54 and 55 to 64 were most likely to provide eldercare.  “The percentages were 23 percent and 22 percent for each of these two categories,” Slome one of the nation’s leading long term care insurance experts shares.  “The majority, some 42 percent cared for a parent.”

Eldercare often consisted of tasks also referred to as conditions requiring long term care.  “Regrettably, the vast majority of Americans have no plan to address the very real risk they or a loved one will eventually need long term care,” Slome acknowledged.  “When the time comes they are going to have to turn to their spouse or adult children for care, changing their lives sometimes for months, sometimes for many years.”

According to the Association, some 8.1 million Americans currently have long term care insurance protection according to the Association’s 2012 research.  “People seem to focus on the financial benefits of this protection and they are important,” Slome adds.  “But the real benefits are non-financial.  This protection allows your loved ones to care about you rather than having to be forced to care for you.”

For more information or to connect with a knowledgeable long term care insurance professional designated by the Association, call their Los Angeles national headquarters  at (818) 597-3227 or read free guides authored by Slome on reducing long term care insurance costs that can be accessed on the Association’s website.

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“Women live longer than men and are far more likely to have a need for long term care,” states Jesse Slome, executive director of the American Association for Long Term Care Insurance a national trade organization that supports insurance professionals who market this protection.  “Women make up the majority of Americans in nursing homes and are far more likely to get debilitating conditions like Alzheimer’s disease.”

According to the Association’s annual survey of newly opened long term health care insurance claims, some 65 percent of new qualifying claims in 2011 were begin by women.  “The majority of claims were for care received in the policyholder’s own home,” Slome reports.  “Most people connect long term care insurance with a skilled nursing facility but the truth is most people buy it and use it because they want to avoid a stay in a nursing home.”

The information is published in the organization’s 2012 Long Term Care Insurance Sourcebook.  Some 32 percent of all new claims opened during the year were made by women for care at home.  “Long term care insurance policies typically cover care at home, in an assisted living community or a skilled nursing home facility,” Slome notes.  Some eight million Americans have some form of long term care insurance protection and the industry paid out $6.6 billion in claims to over 200,000 individuals last year.

Copies of the 2012 Long Term Care Insurance Sourcebook can be obtained from the American Association for Long-Term Care Insurance.  The organization serves the public by educating Americans about the importance of planning for the risk of needing long term care.  For additional information on long term care insurance costs or to connect with a specialist member of the Association call (818) 597-3227 or visit the organization’s website.

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“Insurers paid out $6.1 billion in benefit payments last year,” states Jesse Slome, director of the American Association for Long Term Care Insurance.  “The majority of new claims are for care in the policyholders own home or in an assisted living community.”  Nursing home care accounts for about one in four new individual claims.

A new report issued by the Society of Actuaries examined the causes or reasons for new claims.  “Nearly one in four claims was initially attributable to Alzheimer’s disease,” Slome who is one of the nation’s leading long term care insurance experts explains. 

Roughly one-in-10 new claims was the result of one of four conditions: stroke (9%), arthritis (9%), injury (9%) or circulatory problems (9%).  Other causes for claims were cancer (8%), nervous system (6%) or respiratory issues (5%).

Claims against long term care insurance policies tend to be initiated at older ages typically after one reaches age 80.  “People in their 50s and 60s may require long term care as a result of an injury,” Slome adds.  “You’d be surprised how many men fall off roofs or out of trees and take eight or nine months to recover.”

While most typically don’t need long term care until older ages, the Association recommends planning begin between the ages of 52 and 64.  “That is the best age to start planning because costs are lowest and you don’t risk being declined because of existing health conditions,” Slome explains.  “After Medicare kicks in people start seeing more doctors and their diagnosis can be the cause of an outright decline for this protection.”

Financial planning experts advise those seeking to learn more about long-term care planning and get long-term care insurance cost contact a designated expert via the Association’s Consumer Information Center at http://www.aaltci.org/long-term-care-insurance/free-quote/.

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