“I am so pleased to set the record straight and address some of the major misconceptions regarding long-term care insurance,” states Jesse Slome, director of the American Association for Long-Term Care Insurance.   “Insurance agents as well as consumers want to know of long-0term care insurance is dead or alive and what has really caused the wave of rate increases on older policies.”

The 21-minute podcast featuring Slome addressed major trends and examined the present-day changes that are impacting the industry.

“In an age of 140-character explanations I’m glad I was able to take the time to really give more detailed explanations of what’s taking place,” Slome noted.  “The ShiftShapers format allowed a concise but detailed look at what’s taken place, what it means for insurance agents who have clients with long-term care insurance as well as those who might have clients who need to undertake some planning,”

To access and listed to the podcast go to www.shiftshapersonline.com/category/podcast/ to access Episode 186: The New Way To LTC Success with Jesse Slome.

To learn more about long-term care insurance financial professionals and insurance agents are invited to visit the Association’s Producer Online Resource where multiple audios and other information can be secured.   For the month of November, the organization is offering a special discount code for agents interested in joining.  Enter the discount code mdrt38 to pay $60 for one year of membership, a $38 discount off the regular $98 annual membership cost.

Consumers seeking long term care insurance costs can call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the organization’s website to request a no-cost, no-obligation quote.

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Jesse Slome, director Long Term Care Insurance Association

A study released today reports that the largest open long term care insurance claim made by a female policyholder has reached $1.8 million in paid benefits.  The largest claim made by a male policyholder now exceeds $1.3 million in paid benefits.

“Long term care insurance companies paid $6.6 billion in benefits in 2012 to a record 264,000 individuals,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   Roughly half of newly opened claimants received benefits for covered home care services with the rest paying for care in assisted living communities or skilled nursing homes.

The Association’s annual claims analysis revealed that the female claimant has received benefit payments for 15 years and nine months as of December 31, 2012.  “Her claim which now exceeds $1.8 million started three years after she purchased a long term care insurance policy,” Slome explains.  “Consider that she paid $881 yearly for the coverage with payments ending when her claim began.”

Long-term care insurance is not the lottery or something you hope to collect on, Slome notes.  “But, if you need care for a few months or for many years, benefit payments from your insurance can help relieve the financial and emotional toll that so many families face.”

According to the organization’s study, the majority of new long term care insurance claims in 2012 started after the policyholder was age 70.  ”Over two-thirds (68%) of new claims began after the policyholder turned 80,” Slome reports.  “About one-in-four (23.5%) started their claim between ages 70 and 79.  The most common reasons for a long term care insurance claim are Alzheimer’s disease, stroke, arthritis, circulatory issues or injury.”

The largest open claims reported by leading insurers ranged from $322,286 to $1.8 million.   “Several of these very large claims began just a few months after the person purchased their policy,” Slome says.  ”People mistakenly associate long term care with care needed by the elderly.  Accidents, injuries and illnesses also can result in a need for long term care.”

New Options Reduce Long Term Care Insurance Costs

“Consumers are increasingly aware of the value of long term care insurance and options offered by several leading insurers now make this coverage more attractive to a broader population,” acknowledges AALTCI’s Slome.  “Newer choices allow couples to share in a combined pool of benefits and enable younger individuals to lock in lower cost coverage that they can increase in future years without having to meet health qualifications.”

The trade group recommends consumers consider this protection prior to age 65 because of the need to meet health standards.   To get the best coverage and options, AALTCI advises working with a knowledgeable professional.  Slome recommends asking two questions; how many years have you been selling long-term care insurance and how many insurance companies are you appointed with?

“It can takes at least three years but ideally five or more years to really acquire the knowledge necessary to become a specialist,” Slome shares.  “A good broker specialist will be able to compare policies from at least four or five long term care insurance companies.”

To access free guides outlining ways to reduce long term care insurance costs or to connect with designated long term care insurance professionals for no-obligation cost quotes call the organization at (818) 597-3227 or visit the Association’s website at www.aaltci.org/guides.

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According to the 2013 National Long-Term Care Insurance Price Index released today by the American Association for Long-Term Care Insurance prices for long-term care insurance policies are higher as a result of increasing care costs and significantly lower interest rates that factor heavily into policy prices.   In 2012, the organization noted identical coverage cost $1,720 annually.

“Persistent low interest rates and yields on fixed income investments continue to push costs for various insurance products higher,” explains Jesse Slome, AALTCI’s executive director. “Long term care insurance policy sales are up as consumers recognize the importance of planning and show greater acceptance of policy options that offer greater affordability.”

The Association analyzed costs for 12 leading insurers for single individuals and couples between ages 55 and 65.   Rates varied quite significantly for virtually identical policy benefits Slome reported.   “For a 55-year-old single policy applicant the highest priced policy cost 87 percent more than the comparable lowest priced policy,” Slome notes.  “For a couple both age 60, there was a 92 percent difference and no single insurance company always had the lowest price.”

Slome advocates a “Good, Better, Best Approach” to long term care insurance protection that offers greater flexibility and affordability.  “There is no one-size-fits-all policy choice that suits everyone,” Slome advises.   “Some protection is always better than none and coverage that does not include a costly inflation growth option is an affordable option,” Slome says.   According to the Association study, a couple where both spouses are age 60 will pay a total of $1,816 annually for $162,000 of coverage for each person.  “A good long-term care insurance option takes into account the future availability of savings, Social Security benefits and investment retirement income to supplement insurance coverage,” Slome explains.  “Increasing benefits are not an option that everyone today needs or wants to pay for.”

For the first time, the Association’s Price Index examined rates from insurers offering a Future Purchase Option (FPO) that allows the applicant to lock in their health insurability and add to their coverage periodically.  “A better approach is selecting a starting point for benefits that can be added to later where underwriting won’t get in the way,” Slome advises.  “The FPO option adds about five percent to the cost but offers enormous value in terms of future flexibility.”   Not all insurers offer this option, he shares, and currently and the Association found a 40 percent price differential between the lowest and highest priced policies with this feature.

Historically, most long-term care insurance policies purchased by individuals have included the added option that increased benefits to keep pace with growing care costs.   “Five percent was established as the norm in the 1990s when double-digit inflation was a recent memory but much has changed over 20 years,” Slome explains.  “Today, a three percent yearly increase in benefits is considered the best option for those willing to pay the higher cost.”  A couple both age 60 will pay $3,725 yearly for coverage that grows to $329,000 for each when they reach age 85.  Comparable coverage cost $3,381 according to AALTCI’s 2012 Price Index, a 10 percent increase.

“The Good, Better, Best approach to long term care insurance planning makes enormous sense today,” Slome concludes.  “The timeworn one-and-done approach to long-term care insurance planning worked when buyers were in their late 60s and early 70s,” Slome concludes.  “With typical LTC insurance buyers now in their mid-50s, flexibility and the ability to change as personal and economic circumstances change is not just desired, it’s significantly more affordable.”

“There’s never been more interest in long-term care insurance as millions recognize the costs associated with living a long life,” states Larry Moore, Director of Marketing for American Independent Marketing, a leading national marketer that assisted the Association in compiling the Price Index information.   “With more options and ways to make protection affordable available today, long-term care insurance can be far more attractive than many people think.”

The complete 2013 Price Index will be published in the Association’s 2013 Long-Term Care Insurance Sourcebook.  For more information, visit the American Association for Long-Term Care Insurance’s website at www.aaltci.org or call (818) 597-3227

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“While most long term care takes place today in the home, people still want to prepare for what we refer to as the worst case scenario, which is a nursing home stay,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  The organization publishes independently conducted research in their 2012 Long Term Care Insurance Sourcebook.

<h2>Long Term Care Insurance – Nursing Home Avoidance Insurance</h2>

According to the data that reported the length of stay in a nursing home since admission, nearly a quarter (24.5%) of individuals under the age of 65 had been residents for three months or less.  “About the same percentage (24.2%) had been there for between one and three years,” Slome notes.  The study reports that 27.6 percent had been residing in the nursing home for three years or longer.

The study revealed compared those with stays of three years or more and found that 27.5 percent of women were residents longer, compared to 21.1 percent for men.  “There’s no question that because women live longer lives, their risk of needing long term care services, which could take place in a skilled nursing home facility is greater,” Slome, one of the nation’s long term care insurance experts reports.  “That is a reason we urge both women and men, but especially women, to do some long term care planning prior to reaching Medicare-qualification age.”

November is Long Term Care Awareness Month and the trade group urges individuals to take 10 minutes to learn more about the issue.  The organization offers four excellent consumer guides that are available online addressing ways to plan for the long term care risk and providing information relevant for those who may want to consider long term care insurance.  The guides can be accessed at http://www.aaltci.org/guides.

Established in 1998 as a non-profit trade group, the Los Angeles, California-based 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.  The Association established November as National Long Term Care Awareness Month in 2001.  To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.

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“Insurance is protection against risks and those who face greater risks of claims typically pay more for coverage,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national trade organization.  “We understand that car drivers with multiple accidents pay more for insurance than someone with an accident-free driving record.”

Speaking to a female insurance professionals yesterday, Slome urged the agents to speak to their female clients about the importance of long term care planning.  “Women today are living longer lives and may will live well into their 80s, 90s and even past 100,” Slome explains.  “When you live a long life, the likelihood of needing long term care is exponentially increased and yet so many women have no plan at all for dealing with this matter.”

Slome, who is author of the Women’s Guide to Long-Term Care Insurance, noted that women who own long term care insurance protection comprise about two thirds of newly opened claims in 2011.  “The largest percentage of long term care insurance claims paid to women is for care in a home setting,” Slome adds.  “People still associate long term care insurance with nursing home care and while it does cover that, the majority of benefits paid for home care or care in an assisted living community.”

The long term care insurance expert pointed out that women still enjoy a significant pricing advantage when purchasing long-term care insurance.  “Single women pay the same for equal coverage as single men do, despite the fact that their utilization is so much greater,” Slome shared with the female insurance professionals.  “But this is likely to change in the years ahead so now is the right time to urge planning.”

The American Association for Long Term Care Insurance was established in 1998 to advocate for the importance of planning for long term care and to support 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.

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“So much prospecting and selling is being done over the phone and Internet that insurance agents need generic, educational tools to provide prospects and clients,” explains Jesse Slome, AALTCI’s executive director.  The new e-brochures are personalized with the agent’s name, contact information and photo.  “Personalized material is so important in terms of making a lasting impression to the long term care insurance prospect,” Slome adds.
The Association’s first two e-brochures deal with timely topic and are updated versions of the Association’s highly used print brochures.  “One explains simple ways to reduce the cost of long-term care insurance,” Slome notes.  “Consumers today are very price conscious and producers are having great success breaking through the misperception that long-term care insurance is expensive.”

The second focuses on long term care planning for women.  “Women are typically the decision influencers and there are millions of adult women living alone who should be interested in the subject,” Slome says.

Over 2.5 million long term care insurance print brochures have been distributed by the Association since it was established in 1998.  “There still is a great need for printed material,” Slome acknowledges, “but we live in a digital age of instant communication so e-brochures that can be personalized will grow in usage and acceptance.”

The American Association for Long-Term Care Insurance is the national trade organization exclusively focused on creating heightened consumer awareness and supporting insurance professionals who market long-term care solutions.

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“Fresh Perspectives” will focus on practical long-term care planning strategies in the midst of a challenging economy.  According to Jesse Slome, AALTCI’s executive director: “Long-term care insurance policies have undergone significant enhancements during the past few years to attract younger, more budget-conscious consumers.  To heighten awareness of these new planning options, the new supplement will deliver information many consumers are not aware of including reasons to start their planning early. The ‘Fresh Perspectives’ approach is intended to also generate interest among those who may have previously chosen not to purchase insurance coverage.”

“This marks the third special long-term care planning cooperative effort between Kiplinger’s and the Association,” said Alex McKenna, publisher of Kiplinger’s Personal Finance.  “The most recent educational supplement from the AALTCI, which ran in our May 2011 issue, scored incredibly well in a survey of our readers.  Specifically, fifty percent (50%) of those who read it said that it either changed their thinking about long-term care or they took some kind of action as a result of reading it.  We expect the December supplement to have the same – if not greater – impact.  We are committed to educating consumers about this important issue and look forward to growing this effort with the AALTCI in 2012.” 

Full-page advertisements from John Hancock Life Insurance Company (U.S.A.) and The Prudential Insurance Company of America are running as part of the supplement, which will be included in the December issue of the publication.  The December issue will reach more than 2.5 million readers and will be available on newsstands on November 8. 

In addition, Kiplinger’s will promote long-term care awareness on the publication’s website, www.kiplinger.com.   The American Association for Long-Term Care Insurance has posted the two prior guides focusing on long term care insurance costs on the organization’s website.

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New research reported by the U.S. Agency for Healthcare Research and Quality reveals that of the estimated 55.1 million people with high blood pressure, 29 percent were black patients and 25 percent were white adults.  Among others treated for high blood pressure, 15 percent were Hispanics and 20 percent were other races.

Total costs for treatment of high bloord pressure amount to over $47 billion, including $21.3 billion for prescription drugs, $13 billion on doctor visits and an additional $13 billion spent on hospitalizations, emergency room visits and home health care.

Most people treated for high blood pressure are age 65 or older. This age group accounted for nearly 60 percent of reported treatments. Meanwhile, patients ranging in age from 45 to 64 accounted for about 32 percent of reported treatments and those between the ages of 18 and 44 were just 5 percent.

The federal agency noted that 25 percent of women received treatment for high blood pressure compared to 23 percent of men.

According to Jesse Slome, executive director of the American Association for Long term care insurance, high blood pressure is a treatable condition but also connected with a higher risk of needing long term health care and thus creating a greater risk of utilizing long-term care insurance.

“With more Americans living into their 80s and beyond, having a long term care plan in place is more important than ever,” declares Slome.  “Most people wait too long to consider their options because the right time to plan is prior to turning age 65 before medical conditions like high blood pressure are diagnosed or become problematic.”

For more information on long term care insurance, visit the Association’s Consumer Information center that can be accessed at http://www.aaltci.org/long-term-care-insurance/.

The American Association for Long-Term Care Insurance  http://www.aaltci.org is the national trade organization focused on educating individuals about the importance of long-term care planning.  The Association’s Consumer Information Center was voted the #1 source for information by consumer interest group rating and can be accessed at http://www.aaltci.org/long-term-care-insurance.

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New research finds that many extremely old people appear to have indulged in poor health habits during their younger years. 

“Millions of Americans are living into their 80s, 90s and even past 100,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  The national organization focuses on educating consumers about the importance of planning for long-term care.

“The research is welcome news for those of us who have difficulty resisting temptation,” Slome notes.  “But of course, your lifestyle choices matter so I wouldn’t drop the gym membership quite yet.”  According to the scientists, genes seem to provide an extra boost to those who end up living the longest. 

They note that the genetic component that allows people to survive into extreme old age is probably a very powerful one.  In their report, they explain that genes and hereditary factors even counteract the effects of unhealthy lifestyle choices. 

The study focused on the genes of extremely old people living independently at ages 95 to 109.  Researchers  asked them to recall things such as their weight, height, alcohol consumption, smoking and their physical activity at age 70.  Those participating were also asked whether they ate a low-calorie, low-fat or low-salt diet at that age. 

All the subjects were Ashkenazi Jews, who share a similar genetic heritage.  The researchers then compared the responses to those from a group of over 3,000 people who took part in a survey in the 1970s. At the time, they were at about the same ages as the elderly subjects who appear in the new study. 

The scientists found that our centenarians by and large did not adhere to any specific healthful diet more than the other population did. It was the same for smoking and exercise. Only 43 percent of men aged 95 and older, for example, reported engaging in regular exercise of moderate intensity, compared with 57 percent of men in the comparison group. 

However, there was one interesting difference. Researchers found that although men and women aged 95 and older were just as likely to be overweight as their counterparts in the general population, the centenarians were significantly less likely to become obese. 

One-third reported a history of family longevity, while 20 percent believed that physical activity also played a role in their long life. Others attributed a positive attitude (19 percent), a busy or active life (12 percent), less smoking and drinking (15 percent), good luck (8 percent), and religion or spirituality (6 percent) to their centenarian status.

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“Cognitive disorders including Alzheimer’s are a leading cause of costly long-term care each year for millions of Americans,” Slome explains, “and few Americans are taking planning steps in terms of health or finances to prepare.”

Alzheimer’s disease is a progressive brain disorder that damages and destroys brain cells.  The prevalence of dementia increases with advancing age and affects about 30 percent of people over 80 years of age, costing more than $40,000 per patient annually in the United States, according to AALTCI.

The new RAND study is the largest of its type to examine whether living in a poor neighborhood is associated with lower cognitive function.

Researchers noted that their findings provide the best evidence yet that living in a neighborhood with lower socioeconomic standing can have an impact on women’s cognitive abilities in late life.  Researchers analyzed information collected from over 6,000 women from across the United States who were surveyed as a part of the Women’s Health Initiative Memory Study, an ancillary study to the Women’s Health Initiative hormone therapy trials.

The women from nearly 40 locations nationwide who were 65 years old or older and free of dementia were enrolled in the memory study over a three year time period. All the women in the study were given a standard test that measures cognitive function by assessing items such as memory, reasoning and spatial functions.

Researchers found that women who lived in neighborhoods with lower socioeconomic status were substantially more likely to have low cognitive scores than similar women who lived in more affluent neighborhoods.

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