“Almost every day we hear from someone who is 85 looking for long term care insurance,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “The vast majority wait until the need for care is imminent and at that point it is too late.”

Few long term care insurance companies will offer coverage to individuals past age 80 according to the Association.   “People with a need for care want to coverage but they can not meet the health requirements and applications were just a waste of time and cost for the insurers,” Slome notes.

According to the Association’s examination of long term care insurers offering coverage to those over age 80, a single individual who could meet the health qualifications could expect to pay around $11,000 per year for a policy that would pay around $164,000 in benefits.  The cost for a couple would be between $20,000 and $22,000-per-year combined for that level of coverage for each.

The average age for individual applicants today is 57 according to Slome one of the nation’s leading long term care insurance experts.  “We advise individuals that the sweet spot to look into this protection is between ages 52 and 64,” Slome says.  “Do it before you go on Medicare and start to partake in the various free health exams which are wonderful but can uncover health issues that preclude you from qualifying for long term care insurance.”

While few insurance companies today will accept applicants after age 80, Slome counsels consumers to always get a comparison quote.  “There is a whole lot more than price involved,” he notes.  “Some policies limit your ability to receive paid for care in your own home which is a reason many people obtain this coverage in the first place.”

For additional information from the Association call the organization’s national headquarters at 818-597-3227 or visit their website www.aaltci.org where consumers can also access a variety of free online consumer information guides, insurance company ratings and be connected with a designated long term care insurance professional.

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“The issue of long term care is especially important for women,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance.  “Today, women provide the majority of unpaid informal care often for their spouses, for their adult parents as well as others and they will also have the greatest need for care at some point in their own lives.”

To educate more women about the importance of long term care planning the Association plans to focus its attention during November’s Long Term Care Awareness Month toward educating women. Slome, who created the Month in 1991 designed to create heightened awareness of long term care-related issue, notes that the effort has received Congressional recognition as well as been declared by several Governors and Mayors.  “We specifically did not include the word insurance because this is a far more expansive issue and long term care insurance plays a rather small albeit important part,” Slome adds.

To assist women interested in learning more the organization has already posted a new five-minute educational video online.   “Long Term Care Awareness Month is a grassroots effort supported by those individuals and entities which share our commitment about this important matter,” Slome adds.  “We hope many take November as the opportunity to educate individuals, whether they focus on both men and women or just women.”

The Association holds its national Long Term Care Insurance Summit during the month.

Long Term Care Insurance is Good for America a campaign conceived by Barry Fisher and Jesse Slome for the LTC insurance industry

For additional information from the Association call the organization’s national headquarters at (818) 597-3227 or visit their website www.aaltci.org where consumers can also access a variety of free online consumer information guides.

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“Long term care is a woman’s issue,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “Women provide the majority of unpaid informal care and they also have the greatest need for caring Americans that are going to need care.”

According to Slome women living alone have a particular reason to do planning and to consider long-term care insurance if they can afford the coverage and meet the health qualifications required today by insurers.  “There is specific information that women who are single, divorced or widowed need to know about the issue,” Slome explains.

To assist women interested in learning more the organization has just posted a new five-minute educational video.  The newest video just added to the organization’s online library is called Long Term Care Insurance Women and is specifically designed to touch on the most important facts.  “We want women to understand the important basics before they begin even considering next steps,” Slome says.  Long term care insurance women-the one fact for women

Members of the national trade association are offering free education and no-obligation long term care insurance quotes for policies from leading insurance companies.  “We have members in all states committed to helping individuals,” Slome explains.

For additional information or to hear from a member of the Association call the organization’s national headquarters in Los Angeles at (818) 597-3227 or visit their website www.aaltci.org where consumers can also access a variety of free online consumer information guides.

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“It takes a while for any new tax favored benefit to gain acceptance,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “As more people have balances in their HSAs, we anticipate that more will use the funds to pay for long term care insurance.”

According to data researched by Devenir an investment firm that specializes in providing investment options for HSAs, the average account balance for the first half of 2012 grew to $1,996 an approximately 10 percent increase over the prior year.  “Few people are aware that long term care insurance premiums may be paid from a Health Savings Account up to the IRS limits set each year,” Slome one of the nation’s leading long term care insurance experts explains.

For 2012 the Internal Revenue Service has established a limit of $350 for an individual age 40 or less and $660 for someone who is more than 40 but not more than 50.  “The average age when individuals start buying long term care insurance is mid 50s according to Slome.  “At younger ages the costs are lower and using a tax-advantaged HSA account to pay for some or all of the coverage is a tax-smart planning idea,” Slome acknowledged.

The Association notes that in recent years more small and mid-sized businesses have been offering long term care insurance to their employees on a voluntary basis.  “I’ll bet few know they can have employees use their HSAs to pay for this benefit,” Slome notes.  “But over time awareness will grow as will the number of people taking advantage of this protection.”  The growth of long term care insurance sales to small businesses is attributed to special tax incentives now being offered as well as access to discounts and some health underwriting concessions that vary from one insurer to another.

For more information, connect with a member of 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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To encourage more individuals and small businesses to plan for the eventual need for long term care, the federal government and a growing number of states offer tax deductions and even tax credits for the purchase of long term care insurance.  “There are separate rules for individuals and business owners who may be able to fully deduct the cost of this coverage,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national organization that advocates for long term care planning.

The Association has published a guide explaining highlights of the various rules governing individuals and various forms of businesses.  “There are so few tax advantaged ways to plan for and protect your future that taking advantage of every possible tax savings is a real bonus,” Slome states.  “We find many accountants are not aware of the rules and since they do not sell insurance have no incentive for talking to their clients about this opportunity.”

While individuals are only allowed federal tax deductions up to yearly maximums and must meet the 7.5 percent threshold for medical expenses, Slome who is one of the nation’s leading long term care insurance experts points out that after retirement, older individuals tend to have larger medical expenses which can make the cost of long term care insurance deductible.  “The maximum individual deduction available for 2012 can be as much as $4,370 per-person,” Slome adds.

Business owners enjoy special tax advantages when offering tax-qualified long term care insurance.  “Small business owners looking for tax deductible benefits today for a benefit that will be there after they retire or sell the business should look into this,” Slome advises.  “Plus, a number of insurers will offer small groups a discount which can even apply when only a few people are covered by the plan.”

Copies of the Guide To Tax-Qualified Long Term Care Insurance Protection can be obtained from members of 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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Based on almost 20 years of calls to the offices of the national trade organization, the two leading questions posed relate to cost and ratings for a particular insurance company.  “Obviously these are very important pieces of information but they are the wrong questions to start the process,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national organization that advocates for long term care planning.

“Buying long term care insurance is like buying a car,” Slome explains.  “First, you want those features that are important to your particular needs and lifestyle.  Those ultimately determine what you pay.”  Starting by asking about price often yields insurance protection that won’t meet your particular situation or needs.  “Or, it could result in you paying more than you need to,” Slome adds.

To educate consumers the Association has posted an eight-minute video ‘Long Term Care Insurance Questions Before You Buy’ suggesting how to begin the process of investigating this protection.  “Maybe your dad or mom went along when you purchased your first car,” Slome notes.  “But that doesn’t happen when you buy insurance, so helping educate consumers will make the process easier and ultimately help more get better coverage at a better price.”

According to Slome many consumers give too much emphasis on the ratings of an insurance company.  “Ratings are important but they tell you nothing particular about the company’s long term care insurance protection,” the long term care insurance expert notes.  “You want to question such things as the number of policies sold as size is an indication of the company’s commitment and standing in the industry.”

The video shares three questions consumers should ask their agent about his or her knowledge of the industry.  “You don’t buy a car from a guy standing on the corner, you go to a dealer where there is an expectation of knowledge and professionalism,” Slome explains.  “The same level of expertise is vital when looking into long term care insurance policies.”

The Los Angeles-based American Association for Long-Term Care Insurance serves the public by educating Americans about the importance of planning for the risk of needing long term care.  Support for the organization comes primarily from insurance agents and brokers who specialize in the marketing of this protection.

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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“Medicaid is such a large part of state spending, as much as 24 percent of total funds and 16 percent of state general funds, that it is simply not going to be sustainable for long,”

explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national organization that advocates for long term care planning.  “With health care costs expected to grow faster than the economy and taxes coupled with the millions of aging baby boomers who have no savings or plan to pay for costs associated with needing care, we are facing an economic tsunami no one wants to talk about.”

According to Slome a leading long term care insurance expert, Medicaid spending recently surpassed spening for K-12 education by states.  “Medicaid will consume a growing share of state budgets,” Slome explains.  “At some point we are going to face a generational war when younger families realize that Medicaid is the reason their children are facing 60 students per class and the continued worsening of an educational system.”

Slome noted that federal funding under the American Recovery and Reinvestment Act allowed states from having to raise taxes or reduce benefits.  “The expiration of funding is forcing states to make up the shortfall and it won’t be pretty,” Slome says.  “California has 7.5 million Medicaid enrollees, 29 percent of the population, and that is just one state.”

The organization’s director urged those in their 50s and 60s with the ability to health qualify to look into long term care insurance costs.  “If you believe government programs which are supported by taxpayer dollars will be better able to provide for your care and give you the choices and options you desire in the years ahead, then there is no reason to do any planning,” Slome acknowledged.  “If you don’t, then one has to look into all the options but insurance from insurers is only available to those able to still health qualify.”

The Los Angeles-based American Association for Long-Term Care Insurance serves the public by educating Americans about the importance of planning for the risk of needing long term care.  Support for the organization comes primarily from insurance agents and brokers who specialize in the marketing of this protection.

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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According to a just-published report from the American Association for Long-Term Care Insurance, the national organization that advocates for long term care insurance planning for individuals, some 23.5 percent of new individual buyers opted for a three percent annual growth of benefits.  The percentage of buyers in 2010 selecting this option was 16.7 percent.

“The inflation growth option increases your benefit each year but it can dramatically add to the cost of insurance protection,” explains Jesse Slome, executive director of the trade group.  “If a long term care insurance company is going to increase the value of your benefits by five percent each year, they have to invest the premiums to get that type of return something that’s really no longer possible today.”

The trade group director explains that for every half-to-one percent decrease in investment return an insurer needs to charge 10-to-15 percent in higher premiums.  “That’s why the five percent inflation option has become costly and more people are selecting a three percent growth option,” Slome says.  “Three percent is the new five percent when it comes to long term care insurance.

The percentage of those individuals purchasing a policy with the five percent growth option declined compared to the prior year.  “Once you explain the connection between investment return and the cost of increasing benefits by five percent people understand and make a choice to reduce their cost,” Slome concludes.  “It’s important protection that people want, but they also want to keep the costs as affordable as possible.

The Association report is based on their annual study of over 150,000 new individual buyers with data published in their 2012-21013 Long Term Care Insurance Sourcebook.

Based in Los Angeles, the American Association for Long-Term Care Insurance is the national trade organization with the mission of educating Americans about the importance of planning for the risk of long term care.
For additional information or to hear from a member of the Association call the national headquarters at (818) 597-3227 or visit the organization’s website where access to a variety of free online long term care insurance planning guides is available.

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According to the Alzheimer’s Association some 5.4 million Americans are living with the disease and one in eight older Americans has the disease.  “Americans will pay an estimated $200 billion for care received by individuals with Alzheimer’s, explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “Long term care insurance is increasingly being used to pay for care and Alzheimer’s is the top cause of claims for those in nursing homes.  Last year long term care insurers paid out $6.6 billion in claims to over 200,000 Americans.”

Data from the Alzheimer’s Association notes that Medicare and Medicaid pay for about $140 billion of the costs and project that costs are expected to grow to a projected $1.1 trillion in today’s dollars by 2050.  Their website notes the dramatic rise includes a 500 percent increase in combined Medicare and Medicaid spending.

“The rate of spending is unsustainable,” declares Slome.  “We explain to individuals that if they are concerned about the future ability of federal and state government programs to pay for costs, that they need to do some personal planning, including look at long term care insurance as a way to avoid dependence on whatever meager programs will exist at the point in time they need care.”

Alzheimer’s ranks as the sixth-leading cause of death in the United States.  It is the only condition among the top-10 killers that can not be prevented, cured or even slowed.

“Frankly, I believe the future is scary in terms of how a nation will deal with the tens of millions of aging Baby Boomers who will live into their 80s and 90s the age when Alzheimer’s is most likely to occur,” Slome adds.  “Most individuals have not given this any thought let alone done any preparation.  It is the equivalent of failing to arrive at retirement age without a plan in place, you place your future into the hands of others.”

According to the Association’s national cost of care study, one year in a nursing home costs $85,045 for a private room and $76,285 for a semi-private room.  “That’s the cost today but it’s only going to grow each year,” Slome concludes.  “A failure to plan is definitely a plan for failure.”

For additional information on long term care insurance consult with your local long term care insurance specialist or to find one serving your state call the Association at (818) 597-3227 or visit their website www.aaltci.org  for access to a variety of free online consumer information guides.

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