Insurance agents and brokers joining or renewing membership in the Million Dollar Roundtable (MDRT) can take advantage of a special 2024 MDRT membership discount being offered by the American Association for Long-Term Care Insurance (AALTCI).

“Our organization exists solely to advocate and educate both insurance professionals and consumers regarding the importance of long-term care planning,” states Jesse Slome, director of the long-term care insurance industry organization.

“We seek and welcome agent support of our efforts to provide the most current and relevant information,” Slome adds. “We recognize that relatively few agents currently specialize in long-term care and, so, the successful growth of the industry lies in expanding awareness to the broader community of insurance and financial professionals.

The Association director announced a 2024 membership offer for agents joining or renewing their membership in the Million Dollar Roundtable. The discount reduces AALTCI’s annual membership from $98 to $60.

To learn more and access the 2024 MDRT discount code, go to  https://www.aaltci.org/cheapest-association-mdrt-membership/.

Founded in 1998, the American Association for Long-Term Care Insurance advocates for the importance of planning. AALTCI supports insurance agents who market both traditional and linked benefit long-term care products. To access the organization’s 2024 LTC Resource Center, go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php.

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“Premiums for buyers are virtually identical to last year; some are actually slightly lower,” reports Jesse Slome, director of the organization.  “However, the spread between the lowest and highest prices for basically identical policy coverage has grown.”

According to the annual analysis, a 55-year-old male purchasing $165,000 of immediate benefits could expect to pay $900 a year. In 2022, the organization reported premium costs of $950. This year, adding an inflation growth option that increased available benefit levels by 3 percent yearly would cost $2,100, a $100 decline from the prior year. “The additional cost reflects the fact that policy benefits will be worth over $400,000 at age 85 and even more if care is needed after that,” Slome explains.

Women continue to pay significantly more for long-term care insurance. “Costs for a 55-year-old female applicant purchasing the same level of benefits would be $1,500 and $3,600,” Slome shares. A year earlier the premiums reported in the analysis were $1,500 and $3,700 respectively.

The 2023 Long-Term Care Insurance Price Index reports available costs for men, women and couples at ages 55, 60 and 65. “We strive to show that there isn’t one fixed option and that coverage can be less costly than many people perceive,” Slome adds. “We show multiple levels of inflation protection which, while important, will significantly add to the yearly cost of coverage.”

Adding a 3 percent inflation growth option to base coverage tends to double the premium cost according to AALTCI. “It will be interesting to see how consumers now deal with concerns about future inflation,” Slome says. “And, will rising interest rates give one or more insurers incentive to actually lower premiums going forward?”

The most notable difference from prior reports is the spread in costs between the lowest and highest priced policies on the market. “In some cases, one insurer literally charges more than twice the cost of another for virtually identical coverage,” Slome reports. “I am not sure what accounts for such a significant difference but it reinforces our belief that in 2023 consumer should do comparison shopping before making a decision.”

To see the 2023 Long-Term Care Insurance Price Index information for traditional LTCi policies, go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php. The organization will add comparisons for linked benefit policies later this month.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning. Since 1998 AALTCI has supported insurance professionals who market both traditional and hybrid long-term care solutions.  To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.

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“The cost for long-term care insurance is based on your age when you apply among other factors,” explains Jesse Slome, director of the long-term care insurance organization.  “Each year you wait is going to cost you more.”

According to an analysis conducted by the Association, a 55-year-old couple who both are applying, would face a 49.9 percent increase in costs if they delayed for 10 years.  The cost difference would be 100.8 percent if they waited 15 years.

“But, this assumes insurance companies maintain the current rate levels in the future,” Slome notes.  “That hasn’t happened and so these numbers are likely the minimum increase outr hypothetical couple would face.”

Slome points out other risks that waiting can result in.  “Your health is a most important factor and it’s likely not going to get better as you enter your 60s and 70s,” Slome adds.  “You risk being declined completely or having to pay a higher premium because you are classified as more of a health risk.  Finally, there’s the risk of losing the couple’s discount due to the death of one spouse, divorce or a denial of coverage for one of the spouses.”

The organization’s study looked at data for issue ages 55, 60, 65 and 70.  A chart shows the price increase effect of waiting 5 years, 10 years, 15 and 20 years. To see the cost of waiting data from the Association’s 2021 analysis go to https://www.aaltci.org/ltcfacts-2021.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions.   Request long-term care insurance costs by calling the organization at 818-597-3227 or visit their website at www.aaltci.org.

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According to the just-released 2019 Long-Term Care Insurance Price Index for individuals age 60, prices for coverage can vary significantly.  “We found a spread of over 100 percent between the lowest priced coverage from a top-rated insurer to another,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “Once again, it reveals the importance of comparison shopping and working with a knowledgeable long-term care insurance specialist.”

According to the Association’s 2019 Price Index, the average annual premium for a 60-year-old couple was $3,400.   ”That may sound like a lot but each spouse would have nearly $400,000 available for their care at age 90,” Slome notes.  “These policies included an option that increases the benefits by three percent annually.  If the consumer selects a lower annual growth option, say 2 percent yearly, the cost of insurance would be lower.”

Married couples often benefit from a significant spousal discount, Slome explained.  According to AALTCI studies, married couples or older adults living together purchase the majority of long-term care insurance policies the Association director notes.

The long-term care insurance expert recommends consumers consider some advantageous planning and savings strategies.   “There are smart ways to protect yourself and save money,” Slome explains.  “For example, married couples should ask if a shared care option is available.”  This option enables one spouse to use the benefit pool of the other.  “Accepting a two (2) percent inflation growth option instead of the three (3) percent can save nearly 20 percent yearly,” he adds.  These features are not offered by all insurers the Association director points out making comparison shopping vital.

The Association’s website offers consumers free access to informational guides on long-term care planning.  To obtain long term care insurance costs from a professional with expertise specifically in long term care insurance products offered by multiple leading companies call the national organization at (818) 597-3227 or visit the Association’s website at www.aaltci.org/long-term-care-insurance/free-quote/.

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best long term care insurance website

Well-intentioned insurance agents inadvertently price far to many older single women out of the long-term care insurance marketplace declares the director of the American Association for Long-Term Care Insurance (AALTCI).

“Women who are on their own at older ages need long-term care insurance more than anyone but when a solution that’s beyond their ability to pay is presented, they do what every responsible person would do, they simply say no,” explains Jesse Slome, director of AALTCI, the national long-term care insurance association.   ”Agents who don’t take price into account when helping single women age 60 and older plan are doing a disservice and leaving millions of women vulnerable.”

Slome was advising agents who offer long-term care insurance solutions that millions of women who are divorced, widowed or never married have both special needs and often financial circumstances that need to be taken into account.

“Women on their own are likely to need long-term care and don’t have a spouse or partner who can pitch in and provide some or all of that care,” Slome noted.  “Plus, they generally have less income and far less in terms of savings with which to pay for optional insurance products such as LTC insurance.”

There are viable solutions that agents need to share and start their discussions with, Slome advocated.  “For example, stop including the three percent inflation option with every proposal you make,” the advocate suggested.  “It’s a great option but will put the price beyond what many women can and will afford to pay.”

Slome shared an example of what he considers a viable option.  “For about $160-per-month, a 60-year old single female can buy coverage with a 1.5 percent annual growth of benefits so that her available benefit pool will equal $250,000 at age 85,” he noted.  “The same coverage with a 3 percent growth option will cost $241 monthly and while the benefit pool will be larger, if the individual says no to coverage, she has nothing to pay should care be needed.”

A second option shared involved a plan that would reduce the pool of benefits from $250,000 to $155,000 at age 85.  “For many women that will be more that enough coverage to pay for care services in their own home for quite some time,” Slome shared.  “The savings in insurance premiums will be about $360 a year.”

The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning and helps consumers connect with knowledgeable professionals who are independent advisors.   Consumers looking for local 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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“The industry passed the $10 billion mark for the first time,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), a national trade group.   According to AALTCI, in 2017, total claims amounted to $9.2 Billion paid to some 295,000 individuals.

The annual study reports claims paid to policyholders who have a traditional, health-based long-term care insurance policy.   ”These are the majority of long-term care insurance policies held by over 7 million Americans.  Traditional long-term care insurance pays when care is needed at home, in assisted living communities or in a skilled nursing home environment,” Slome explains.

According to the Association, the actual number of policy claimants who received benefits during the year will exceed the 303,000 number.  “The Association reports claimants based on a fixed date for consistency,” Slome notes.   ”The total value of benefits paid is undoubtedly larger because today there are thousands of individuals who own linked benefit life insurance or annuity policies that can also provide LTC benefits.”

“Long term care insurance provides more than just the cash to pay for care,” Slome adds.  “It’s as much about having control and choices when care is needed, while protecting your retirement plans and your family’s lifestyle.  With more Americans living long lives, it is increasingly important that people plan for the very real risk.  You must however start when you are still able to health qualify for long-term care insurance coverage.”

The American Association for Long-Term Care Insurance is the national professional organization exclusively dedicated to promoting the importance of planning for long-term care needs.    To compare long term care insurance costs connect with a designated professional by calling the national organization at (818) 597-3227 or visiting their website where local agents can be found.

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Discount Grand Circle Travel Code

A discount savings for Grand Circle Travel land tours or cruises has been made available by the American Association for Long-Term Care Insurance.  The savings offer is valid for first time travelers and can be utilized by any senior according to the AALTCI director.

“We are pleased today to announce a $100-per-person discount that is now available to our organization’s members who help older Americans plan for long-term care,” announced Jesse Slome, director of the American Association for Long-Term Care Insurance a membership-supported organization.   “The special savings is offered to our members but is open for insurance agents at large as well as to any consumer age 62 or older.”

To take advantage of the Grand Circle savings offer, a traveler merely needs to mention Jesse Slome’s name and the special Code 932019 when making a reservation.  “This discount is ideal for Association members but we’re able to make it available to anyone,” Slome added.

The Association announced the special savings as the latest benefit available that also includes discounts on continuing education, errors and omissions insurance as well as hearing programs for seniors.

“There is more to life than selling insurance,” Slome remarked during his call with the organization’s members.  An avid traveler, Slome shared that he had just returned from exploring Mongolia and the Gobi desert.

Jesse Slome is founder and director of several insurance trade organizations that advocate for the importance of planning and support insurance professionals who market long-term care insurance, Medicare Supplement insurance and other health-related products.    According to online resources, Grand Circle Travel has more than 30 offices worldwide and approximately 3,500 associates, guides, and crew serving more than 110,000 travelers per year.

To learn more about long-term care insurance costs or to request a long-term care insurance quote from a local professional, visit the Association’s website at www.aaltci.org or call 818-597-3227.

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New 1035 Exchange Guide

A new guide published by the American Association for Long-Term Care Insurance (AALTCI) kicks off a national campaign to heighten awareness for the use of 1035 exchanges for effective and tax-advantaged LTC planning.

The AALTCI Guide To Long-Term Care Planning Using Using IRS Approved Exchanges formally launches the national consumer and insurance-focused campaign.

“Section 1035 exchanges are one of least known planning strategies,” declares Jesse Slome, executive director of AALTCI. “Every insurance agent and financial professional who has prospects or clients in their 50s, 60s and 70s are going to need to familiarize themselves with the significant advantages they provide.”

“Americans have $2.8 trillion in fixed and variable annuities and we know far too few older adults have a financial strategy to deal with the real risk of needing long-term care,” Slome reports. “Many of these individuals could benefit by taking advantage of a 1035 exchange; repurposing an existing annuity into one that continues to accrue but also can provide.”

To access the new guide online visit the American Association for Long-Term Care Insurance’s website at www.aaltci.org/1035-exchanges.

MESSAGE TO CONSUMERS:  The Association has made this informational guide available online.  You can read it from any device and NO SIGN-IN information is required to access and read the guide.  If you find the information of value we encourage you to discuss with your current insurance or financial professional.  Or, if you prefer, complete the online form (also on the web page) and we will connect you with one knowledgeable independent professional familiar with how these exchanges work as a benefit for consumers.

MESSAGE TO INSURANCE AND FINANCIAL PROFESSIONALS:   You may also access and read the guide online.  It can also be downloaded.   As the Association moves forward on it’s awareness efforts we will decide next steps.  Watch the Association’s website for more details.

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“Consumers are not aware of ways to save on long-term care insurance and regrettably many agents do not share an opportunity worth considering,” shares Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   Slome was discussing long-term care planning with consumers seeking to purchase coverage for the first time.

“A 55-year old couple is typically presented insurance coverage that includes an annual three percent growth of benefits,” Slome explains.  “But there are two options some insurers offer that can reduce the cost by 15 percent yearly.”  Over many years, the expert shared a consumer could be expected to save between $8,000 and $10,000.

Slome shared the example of a husband and wife who each purchase a policy with an initial pool of benefits equal to $164,000.  “Because costs are very likely to rise, it makes sense to add a three percent growth of benefits option that will increase their total potential benefit pool at age 75 to $575,000.”   The annual cost for the policy will be about $1,850 for the couple assuming their health is good when they apply.

“We hear from consumers who are typically shown a policy where the benefits increase longer than 20 years and that costs more,” Slome explained.  An identical policy that does not cap the benefit growth after 20 years will cost $2,150 yearly for the couple.  “If saving money is important, which it often is when you are buying an optional product like long-term care insurance, this can be a prudent way to plan and save,” Slome suggested.

Not all long-term care insurance companies offer this option Slome shared.  “That’s one of the many reasons we recommend working with a knowledgeable LTC specialist who will educate you and have access to the leading and more innovative policies,” he added.

To obtain long-term care insurance costs from a specialist, contact the American Association for Long-Term Care Insurance by phone at 818-597-3227 or click the request a quote button on the Association’s website.

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Discount Overseas Advenyure Travel

A special incentive of double savings bonus on new Overseas Adventure Travel was announced today by the director of the American Association for Long-Term Care Insurance.

“Nothing is as rewarding or as interesting as seeing the world and meeting people around the globe,” explained Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   The Association’s founder and developer makes it a point to take two trips abroad annually and is committed to sharing his adventures and savings opportunities with members of the organization.

“I was pleased to learn today of a special double incentive being offered to those booking a first trip with Overseas Adventure Travel, one of the tour operators I particularly favor,” Slome shared with selected Association members.

The double incentive is worth $200 per-person for any first time traveler who reserves a January through June 2018 OAT adventure before October 6, 2017.  “The new traveler simply needs to say they were referred by Jesse Slome, share my code number 932017 as well as the code SEPT 200,” Slome noted.

After October 6 (2017) first time travelers can still qualify for a $100-per-person savings by saying they were referred by Slome and sharing his code 932017 when making their reservation with Overseas Adventure Travel.

To read more about Slome’s travels with Overseas Adventure Travel visit www.discountoverseasadventuretravel.com.

Slome is founder and director of the American Association for Long-Term Care Insurance , the American Association for Medicare Supplement Insurance and the American Association for Critical Illness Insurance.  Individuals interested in learning more can email Jesse Slome via the organization’s website at www.aaltci.org or call 818-597-3227.

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