Click Here to See Latest Long-Term Care Insurance Data – Facts – Costs – Statistics

“If you live a long life into your 80s, 90s or past age 100 you are increasingly likely to need some long-term care,” explains Jesse Slome, director of AALTCI which gathered data from seven leading long-term care insurance companies.    ”While some younger individuals receive claim benefits from owning long-term care insurance, the vast majority of new claims begin after age 85.”

According to the Association’s analysis of new long-term care insurance claims that began during 2018, 25 percent of new claims were initiated by policyholders between ages 81 and 85, 27.2 percent were between ages 86 and 90, and 17.5 percent were age 981 or older.

Oldest New Claimant Ages Are All Over 100

The AALTCI study found that for each of the insurers, the oldest policyholders to initiate a new claim were all centenarians.  “The oldest new claim was started by someone who was 106,” Slome notes.  “Two were age 105 , two were 104 and two were 101.  Many Americans are living longer lives and are benefiting from having this protection in place which enables them to receive care at home or in assisted living or skilled care facilities.”

The youngest new claimant was 25 according to the AALTCI study.   “While most claims are due to aging and related illnesses that come along with living a long life, younger people have accidents and can benefit as well.  The important message for consumers is the need to get your insurance while you can still health qualify for coverage,” Slome adds.  The Association recommends that the ideal age to consider LTC insurance is between ages 55 and 65.

Headquartered in Los Angeles, CA, the American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.  The organization helps consumers connect with knowledgeable professionals who are independent advisors.   Consumers seeking long-term care insurance 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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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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“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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“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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