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.

The post New Directory: Connect With Long-Term Care Insurance Claim Departments appeared first on American Association for Long Term Care Insurance.

“The IRS is aware of the growing non-compliance by seniors who fail to take minimum IRS distributions and is expected to crack down to capture lost tax revenue,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).  Some reports note that as many as 250,000 seniors fail to take the minimum required distribution.

“The required minimum distribution is the amount the federal government requires you to withdraw each year, usually after you reach age 70½, from your retirement accounts,” Slome explains.  “You pay taxes on the withdrawn funds and failure to comply can result in a potentially hefty 50 percent tax penalty.”

“The amounts withdrawn could be used to pay long term care insurance premiums which could be fully tax deductible to the senior,” Slome notes.   “There’s a two-fold tax advantage, avoiding the income tax and potential penalty and of course the value provided by having the long term care insurance protection.”

Individuals who are age 70 or older can each deduct $4,550 of their premiums off their 2013 tax filings.  “If both spouses are over age 70, that’s a $9,100 potential tax deduction you don’t want to overlook,” Slome adds.   Individuals must meet certain levels of related tax-deductible expenses to claim the tax deduction for long term Care insurance.    “Many seniors have other medical and even dental expenses that enable them to easily meet the threshold required to make long term care insurance premiums deductible.”

Slome noted that seniors who do not already own this protection should work with a knowledgeable specialist who can help them navigate the health requirements imposed by leading insurers including Genworth Financial, John Hancock, Mutual of Omaha and Transamerica Long Term Care.  “Not everyone can health qualify for long term care insurance,” Slome shares, “and the health requirements can vary quite significantly from one insurer to the next.”

For information about long term care insurance tax deductions and 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.

The post Seniors Can Avoid Tax Penalty Advises Long Term Care Insurance Association appeared first on American Association for Long Term Care Insurance.

“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.

The post Long Term Care Insurance Association Price Index Makes News appeared first on American Association for Long Term Care Insurance.