“I detest that virtually every article you read cites average costs of $2,000 or more a year for long term care insurance,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.   ”Many couples then assume they’ll be paying $4,000 to $5,000 yearly and thus make the decision that protection is too costly.”

Averages are meaningless to real people and a new report shared by the long term care insurance expert validates that.   “The average actually paid by New Yorkers between the ages of 50 and 54 was $2,850 in 2012 but some paid as little as $1,384 and some paid as much as $11,667 a year,” Slome notes.  “Paying $100 a month sounds a whole lot better than $200 or more a month.”

Slome explained that the cost for long term care insurance is based on many factors including your age and health when you apply as well as how much coverage you decide to purchase.  “The cost also depends on which insurance company you select,” Slome added.

Average amounts are a simple way for news articles to convey information without having to really explain what is not a simple subject.  “We advocate a Good, Better, Best approach to comparing long term care insurance where someone in their 50s can obtain good protection starting for about $100 a month,” Slome explains.  “If you can afford or want more protection, then certainly that’s possible but ‘too costly’ is the number one reason people avoid even looking into long term care insurance.”

In New York long term care insurance coverage purchased in 2012 by individuals between the ages of 60 and 64 ranged from $1,863-per-year to $10,002-per-year according to State-published data.  “We stress the importance of looking into this protection prior to age 65 simply because of the need to health qualify,” Slome recommended.  “Costs also rise if you wait until your 60s.”

For New York long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization’s website or call 818-597-3227.

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Long term care insurance statistics from LTCi Sourcebook

continues to decline according to research by the American Association for Long-Term Care Insurance the national trade organization.

According to data gathered from leading insurers, 56 percent of new male buyers of life insurance plus long-term care policies were age 64 or younger.  Some 53.5 percent of new female purchasers in 2012 were age 64 or less.

“The percentage of younger buyers continues to grow compared to prior years,” states Jesse Slome, AALTCI’s executive director.  According to the organization’s studies, the some 53.5 percent of male and 50.0 percent of female buyers in 2011 were 64 or younger.  For 2010, the AALTCI study reported 48.5 percent of men and 44.3 percent of women fell into this age category.

“We attribute the change to an increase in the number of insurance and financial consultants marketing linked benefit products and a greater emphasis by insurers on attracting younger buyers,” Slome noted.  “I would anticipate that the average age of buyers will continue to decline especially as the awareness and marketing of flexible premium policies grows.”

The Association’s analysis of over $400 million in new sales during 2012 found that 31.5 percent of buyers were men and 68.5 percent were female.  Complete findings will be published in the Association’s 2013-2014 Long-Term Care Insurance Sourcebook.   Copies are mailed to all Association members or may be purchased for $99.

Founded in 1998, the American Association for Long-Term Care Insurance is the national trade organization established to create heightened awareness and understanding of the importance of long-term care planning and the various financial options available.

For long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization’s website or call 818-597-3227.

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“The concept of the Partnership was to make coverage attractive to more middle income consumers but the onerous requirements now make this so costly that it is out of reach for the very consumers it was intended to benefit,” declares Jesse Slome, executive Director of the American Association for Long-Term Care Insurance.   Speaking to New York State insurance professionals, Slome noted he was an ardent supporter of the Partnership concept when it was first introduced in the early 1990s and was the first marketing consultant for the California Long-Term Care Insurance Partnership.

“Unfortunately an incredibly good concept that I once called ‘the best kept secret ‘ in The Wall Street Journal has turned into a relic today because it has not kept up with the current economic environment,” Slome explained.  The national long term care insurance expert noted that the New York State Partnership’s own website says the average base policy premium in 2012 for a 60 year old individual was $3,979 and $4,862 for a 65 year old.

“Most senior couples just are not able or willing to pay $10,000 or more a year,” Slome explains “and the fact is they do not have to in order to put a sound long-term care insurance plan of protection in place.”

According to the Association, a 60-year old couple each obtaining $220,000 of current coverage that will grow at three percent yearly will cost anywhere from $4,000 to $5,000 a year.   “For that 60-year couple, the $440,000 of immediate coverage for each will grow to almost $1 million of coverage for the couple when they reach age 85, and are most likely to need long term care services.”

The organization director shared that rates for coverage from leading insurers varied significantly.  “Each company today has a sweet spot in terms of premium costs and health requirements,” Slome shared.  “Consumers are increasingly aware of this and are  looking for professionals who can compare and offer policies from multiple insurers.”

For long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization’s website or call 818-597-3227.

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“People have no idea what long term care insurance costs or that policy costs can vary widely from one insurer to the next,” says Jesse Slome, executive director of the Los Angeles-based American Association for Long-Term Care Insurance.  The national trade group researched policy costs for a range of options.

“A plan of coverage that provides roughly $164,000 is what we term a good base plan of coverage,” Slome explains.  “For many people it will be sufficient to pay for care especially when they augment the insurance benefit payments with some of their own dollars, just as we do when we co-pay for some of our health care costs today.”

For a 55-year-old California healthy individual a base plan of long term care insurance would cost $1,200 a year the Association reports.  The organization factored in the good health discount available from most insurers and included benefits that would pay for either care in one’s own home or in a skilled nursing facility.

The organization’s study revealed that for a nominal additional cost, an option allowing the policyholder to increase benefits at future dates without having to meet health qualifications could be a smart move.  “The Future Purchase Option allows an individual to lock in their health so that they can add to their coverage even if their health has changed in future years,” Slome notes.  The typical 55-year-old in California would pay roughly $145 a year additionally for this option.

Long term care insurance policies also offer options that enable the purchaser to see their benefits increase annually.  “Inflation options can help policy benefits increase over time to keep pace with rising costs,” Slome explains.  According to the Association’s study, the cost for a base policy starting at $164,000 and growing at five percent compounded annually would cost $3,700-per-year.

“Individuals today have a wide range of options and it is really important to work with a knowledgeable specialist who doesn’t just pull a solution off the shelf but helps you tailor your plan and costs to your real risk and budget,” Slome concludes.  “In addition, our studies have found that rates for virtually identical coverage can cost up to 40-to-60 percent more depending on which insurer the agent recommends.  It really pays to compare.”

Established in 1998 as a non-profit trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance.  To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.

The post Long Term Care Insurance Costs For California Reported appeared first on American Association for Long Term Care Insurance.

“People have no idea what long term care insurance costs or that policy costs can vary widely from one insurer to the next,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  The trade group researched policy costs for a range of options.

“A plan of coverage that provides roughly $164,000 is what we term a good base plan of coverage,” Slome explains.  “For many people it will be sufficient to pay for care especially when they augment the payout with some of their own dollars, just as we do when we co-pay for some of our health care costs.”

For a 55-year-old New Yorker a base plan of long term care insurance that provided $164,000 of benefit dollars to be used by the insured would cost $910 a year.  The organization factored in the good health discount available from most insurers and included benefits that would pay for either care in one’s own home or in a skilled nursing facility.

The organization’s study revealed that for a nominal additional cost, an option allowing the policyholder to increase benefits at future dates without having to meet health qualifications could be a smart move.  “The Future Purchase Option allows an individual to lock in their health so that they can add to their coverage even if their health has changed in future years,” Slome notes.  The typical 55-year-old in New York would pay roughly $30 a year additionally for this option.

Long term care insurance policies also offer options that enable the purchaser to see their benefits increase annually.  “Inflation options can help policy benefits increase over time to keep pace with rising costs,” Slome explains.  According to the Association’s study, the cost for a base policy starting at $164,000 and growing at three percent compounded annually would cost a single person $1,545 per year.  A policy where the benefits increased by five percent compounded annually would cost $2,600-per-year.

“Individuals today have a wide range of options and it is really important to work with a knowledgeable specialist who doesn’t just pull a solution off the shelf but helps you tailor your plan and costs to your real risk and budget,” Slome concludes.  “In addition, our studies have found that rates for virtually identical coverage can cost up to 40-to-60 percent more depending on which insurer the agent recommends.  It really pays to compare.”

Established in 1998 as a non-profit trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance.  To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.

The post Long Term Care Insurance Costs For New York Reported appeared first on American Association for Long Term Care Insurance.

According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.

Connecticut was one of the four original states to offer the special Long Term Care Partnership program, Slome explains.  New York, California and Indiana were the other three original states launched in the early 1990s.

“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.

Connecticut residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training.  The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.

The web address for the new website is http://www.connecticutpartnershiponly.com and provides the latest information on the program.   AALTCI recently posted a website for New York residents interested in partnership information.

Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.

The post Connecticut Long Term Care Insurance Partnership Information Website Launched appeared first on American Association for Long Term Care Insurance.

According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.

New York State was one of the four original states to offer the special Long Term Care Partnership program, Slome explains.  Connecticut, California and Indiana were the other three original states.

“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.

New York residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training.  The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.

The web address for the new website is http://www.newyorkpartnershiponly.com/ and provides the latest information on the program.

Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.

The post New York Long Term Care Insurance Partnership Educational Website Launched appeared first on American Association for Long Term Care Insurance.

According to the American Association for Long Term Care Insurance, the national trade organization, tax deductibility gives individuals and business owners one very important reason to consider ways to address future long term care needs.

“Americans are living well into their 80s, 90s and even longer when the likelihood of needing extremely costly long term care services is almost a guarantee,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group charged with creating awareness for long term care related issues.  “The  federal and state governments recognizes this and offers the tax incentives to encourage more people to plan.”

Individuals may be able to deduct long term care insurance premiums paid from their 2011 federal income taxes.  The federal levels are based on your age, Slome notes, ranging from $340 to $4,240 per-person and increase for new policies purchased in 2012.    Individuals face certain limitations that are not imposed on self-employed or corporations.  “These entities may able to make the full cost tax deductible,” Slome adds.

In addition to federal tax deductibility limits, a growing number of states now offer either tax deductions or tax credits to encourage state residents to purchase long-term care insurance.

The American Association for Long-Term Care Insurance has just published a state-by-state listing of available tax deductions on the organization’s website at www.aaltci.org/tax.

To learn more about long-term care planning and get long-term care insurance costs from a designated expert visit the American Association for Long Term Care Insurance’s Consumer Information Center.

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