“Prices for insurance are based on risk which is why men pay more for life insurance and bad drivers pay more than good drivers,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    Slome was reacting to the National Women’s Law Center administrative complaint filed against Genworth, John Hancock, Transamerica and Mutual of Omaha on the grounds that gender-based premiums for long-term care insurance violated a provision of the Affordable Care Act.

“I wonder if they realize that men pay more for Medicare Supplement insurance, which augments Medicare health benefits?” Slome posited.    He noted that a recent comparison of equal policy amounts revealed that men paid 15 percent more than a same-age female applicant.

“Women have a far greater risk of needing long term care insurance and, in fact, receive two-thirds of the claim benefits paid by insurers,” Slome noted.  The organization recently released the results of a study reporting that long term care insurers paid some $7.5 billion in claim benefits in 2013, a significant increase over the prior year.

According to AALTCI, unisex rates, where single women pay the same as single men, are still available in a number of states.  “The opportunity to take advantage of this is ending as insurers continue to roll out new policies on a state-by-state basis,” Slome admitted.   The Association recently reported that unisex rates could still be found in 16 states.  “But the number keeps declining which is why we urge single women in their 50s and 60s to at least inquire into what long term care insurance costs,” Slome shared.

For long term care insurance cost comparisons call the American Association for Long Term Care Insurance at (818) 597-3227 or visit the Association’s website at www.aaltci.org.

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“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  “You pay taxes on the withdrawn funds and failure to comply can result in a potentially hefty 50 percent tax penalty.”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.

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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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“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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“Where is the industry headed over the next three to five years is foremost on everyone’s mind,” says Jesse Slome, director of the American Association for Long Term Care Insurance and organizer of the industry conference.  “Will traditional long term care insurance products survive or will linked benefit products become the mainstream solution?”

The CEO Forum is part of the three-day conference that takes place May 18-20, 2014 at the Westin Hotel in Kansas City.   “This is truly an open forum where Summit attendees get to pose their questions,” Slome explains.  “This is a critical time for the long term care insurance industry and I’m sure this 90-minute session will be one of the highlights of the conference.”

The five panel participants announced today are:
Michael Doughty, President and General Manager, John Hancock Insurance
Michael Hamilton, Vice President, Lincoln Financial Group
Tim Kneeland, President, Transamerica Long Term Care
Scott McKay, Senior Vice President, Genworth Financial
Steve Sperka, President & CEO, Northwestern Long Term Care Insurance Company

Information about the 2014 National Long Term Care Solutions Sales Summit can be obtained by calling the organization at (818) 597-3227 or on their website at www.aaltci.org/2014summit.

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“The Summit will focus on all LTC solutions and Transamerica is a leading provider of multiple offerings that will be of interest to insurance professionals,” says Jesse Slome, executive director of the national trade group that organizes the conference.  “We are delighted not just to have their involvement but to have Tim Kneeland, president of Transamerica Long Term Care participating in the LTC CEO Forum.”

The 2014 conference, the Association’s 11th national event, will focus on both traditional long-term care insurance as well as hybrid or combo-LTC products.    ”For the first time, select sessions from the conference, including the LTC CEO Forum, will be streamed live online with free access for insurance agents,” Slome adds.

Information on the conference including registration for the free online 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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