“Women are more likely to need long-term care because they generally live longer lives,” explains Jesse Slome, AALTCI’s director. “Among women, 61% are likely to develop a chronic disability often simply due to living a long life.”

The Association director was sharing data about long-term care need and length of paid long-term care services with senior specialists who help educate consumers about the risk and need.

“Some 51 percent of women age 65 and over will need paid long-term care before they die,” Slome shared. “Meanwhile only 39 percent of men age 65 or older will need such care.”

Married people are less likely to need paid long-term care services Slome reported. “Again, it’s 51 percent of unmarried people over age 65 who will require paid long-term care in their lifetime,” Slome shared. “Whereas it’s only 43 percent for married people, part of which is likely that the healthier spouse becomes the caregiver.”

The long-term care insurance expert and advocate noted that long-term care insurance planning was off the radar during the pandemic. “We have a new generation of men and women entering the long-term care planning sweet spot. “They need information including facts and figures to understand the potential future financial risk they face,” Slome added.

To read the latest long-term care need data go to https://www.aaltci.org/long-term-care-need/.

The American Association for Long-Term Care Insurance (AALTCI) https://www.aaltci.org advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Access comprehensive long-term care insurance statistics and data at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php.

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“Short-term care insurance is one of the best kept secrets for men and women who have issues when it comes to long-term care insurance planning,” states Jesse Slome, director of the American Association for Long-Term Care Insurance.

“It is the ideal option for those who cannot health qualify, or those who are too old or who merely want a lower-cost option.”

Short-term care insurance policies are available in many states.

This special form of protection can provide similar benefits to traditional long-term care insurance.  While traditional long-term care insurance companies generally stop accepting applications after age 75, short-term care policies may be purchased up to age 85.

“Polices can pay for care at home as well as in skilled settings such as nursing homes,” Slome explains.  “There are some significant differences and even some advantages that make this an option worth considering.”

The long-term care insurance expert notes that short-term care insurance policies are generally simpler to health-qualify for.  “There are plans with just a few health-related questions,” Slome adds.  “Many older men and women have some existing health issues that make them ineligible for traditional long-term care insurance.  Short-term care coverage may be just what the doctor ordered.”

Short-term care insurance policies generally charge women the same premium as men according to Slome.  “That can be a significant advantage especially for older women on their own,” he notes.  Traditional LTC insurance policies generally charge women around 30-to-40 percent more than men.

The Association’s 1-Minute Primer provides an overview of the benefits of these policies.  A map showing states where the policies are available is included.  Pricing examples for both men and women ages 65 and 75 are shown.

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.

To access the short-term care insurance information, visit the organization’s website at https://www.aaltci.org/short-term-care-insurance/.   To obtain short-term care insurance costs from a specialist in both short-term and long-term care insurance call the organization at 818-597-3227 or visit their website www.aaltci.org.

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January 21, 2022 – An analysis of over 5,000 long-term care insurance found that 80 was the mean age at time of claim according to the American Association for Long-Term Care Insurance.

“People understand why they may need long-term care insurance,” states Jesse Slome, director of the American Association for Long-Term Care Insurance.  ”What they often ask is whether people actually benefit from owning this protection.  For that reason, we strive to share the most relevant and latest data regarding long-term care insurance claims.”

Slome shared new claims information with insurance professionals marketing long-term care insurance protection.  “The data reveals helpful information you’ll want to share with individuals considering long-term care insurance,” Slome advised.

Access Claims-Paid Data and Latest LTCi Statistics

According to Slome, the analysis reported data on 5,439 policyholders studied by the Connecticut Partnership for Long-Term Care.  “Over half (59%) of the claims were women and 41 percent of all claimants were not married at the time.  That’s important because many people are married when they start planning but should understand they may not have a spouse to provide care at older ages.”

Click here to access 2022 long-term care insurance statistics.

Among the data shared by the long-term care insurance expert was the amounts paid to date per-claimant.  “The mean was $142,043 but the largest claim was $1.9 million,” Slome shared.  “Those very large claims are definitely a risk but our analysis of years of long-term care insurance statistics validate my position that some amount of protection is always better than having none.”

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.

To access the latest long-term care insurance claims statistics and other data visit the organization’s website at www.aaltci.org/LTCFacts-2022/.   To obtain long-term care quotes from a long-term care insurance specialist call the organization at 818-597-3227 or visit their website www.aaltci.org.

Slome is also head of the American Association for Medicare Supplement Insurance.  AAMSI supports insurance professionals who market Medicare Advantage and Medicare Supplement insurance products.  Access Medicare insurance statistics via the organization’s website.

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CLICK TO ACCESS 2022 Long-Term care Insurance Statistics

The 2022 price index for new long-term care insurance policies was published today by the American Association for Long-Term Care Insurance (AALTCI).

“Prices for new long-term care insurance have remained stable,” reports Jesse Slome, AALTCI’s director.   The annual report analyzes various standard policy levels for individuals who are ages 55, 60 and 65.

According to the 2022 Long-Term Care Insurance Price Index a traditional policy valued at $165,000 in benefits can cost $950 annually for a 55-year-old male.   The equivalent coverage for a 55-year-old woman is $1,500.

“The index looks at policy costs available to the largest number of prospective individuals,” Slome explains.  “There definitely were options that could cost significantly more but that dissuades consumers from considering this important protection,” Slome adds.  The policy cost analysis found that costs between average and highest available policies could range from20 to 50 percent.

2022 Price Index – Rates Stable

“Prices for traditional long-term care insurance remained stable to last year for a number of reasons,” cites Slome.  “Insurers committed to the market have experience when evaluating the factors that go into pricing this insurance.”   Today, policies tend to limit the level of protection available with consumers willing to assume some of the financial responsibility the long-term care insurance expert adds.

“In addition, investment returns have remained relatively stable,” Slome adds.   Insurers depend on investing collected premiums.  “Premiums paid by policyholders only account for part of the dollars that insurers accumulate to pay future anticipated claims,” he notes.

The 2022 Long-Term Care Insurance Price Index reported that a couple both age 65 could expect to pay $3,750 combined.  The two policies could provide each with $165,000 of future benefits.  Adding an option that increased future benefits by three percent annually would cost the couple almost twice as much ($7,150 combined).

The 2022 Long-Term Care Insurance Price Index data can be accessed on the Association’s website.  The report compares costs for traditional long-term care insurance as compared to linked benefit options. To access, go to www.aaltci.org/LTCFacts-2022.

The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.   The organization connects consumers with knowledgeable professionals who are independent advisors.  These specialists can provide information along with long-term care insurance quotes and policy comparisons for both traditional and linked benefit long-term care insurance options.

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“With so many couples, there’s often one spouse who is resistant, usually the husband,” explains Jesse Slome, director of the long-term care insurance organization.  “This new information will help those who have doubts understand the significant consequences and the benefits of this important protection.”

Slome was sharing data from a recently released study by Milliman Actuarial.  “When one spouse has a long-term care claim, the odds of a claim by the second spouse is four times higher than would normally be expected,” Slome shared with a group of long-term care insurance sales professionals.  Data comes from Milliman’s “Is Your Spouse Contagious” study.

Access the Milliman Couple Claims Report

Click here for the couple claims information.

“Following the death of a spouse who has been on a long-term care insurance claim, the odds of the second spouse needing long-term care within a year triples,” Slome adds.  “You tell that to all the recalcitrant husbands who tell their wives, don’t worry honey, I’ll never need care but you get some if you like.”

The Association director speaking to the group of long-term care insurance professionals noted that the Milliman analysis examined a pool of 50,000 long-term care insurance claims before the Covid-19 pandemic.

2021 Long-Term Care Insurance Statistics

See the latest long-term care insurance statistics and data posted by the Association.

“The need by the second or the surviving spouse was for both home care as well as facility care,” Slome pointed out.  “Consumers need to understand that long-term care insurance provides benefits.  And, that when insurers lower spousal discounts, as many are, there is a reason.”  The Association recently reported that insurers were reducing available spousal discounts when both partners obtain coverage from 30 percent to 15 percent.

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.   To obtain long-term care insurance costs call the organization at 818-597-3227 or visit their website at www.aaltci.org.

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“There are indeed often overlooked ways that couples and partners living together can save on this important protection,” explains Jesse Slome, AALTCI’s director.

For couples Slome suggests considering a long-term care insurance policy that offers a shared care benefit option.  “The shared care rider typically allows one spouse to double their benefit life-span getting as much as twice the protection and saving money in the process,” Slome notes.  “What’s mine can also be yours is the simplest way to explain this option.”

The long-term care insurance expert explains how the couples can benefit.  “Instead of two plans each with a maximum available benefit pool of $360,000, adding the shared care option can enable each spouse to share a joint maximum of up to $720,000 available to each,” Slome notes.

According to the Association’s 2020 policy analysis, two 55-year spouses each buying separate policies with $720,000 of benefits available to them at age 85 could pay $5,700 annually.  “Taking advantage of the shared care benefit option will save $1,000 or more and still give each spouse access to that $720,000 benefit pool at age 85,” the AALTCI director reports.

Shared care provisions can vary by insurance company and state regulations points out George Mellendorf, President of LTC Solutions, a national distributor of individual and multi-life long-term care insurance headquartered in Cape Coral, FL.  “Details are spelled out in the policy contract but you generally don’t get that until after you are approved and the policy is issued,” Mellendorf explains.  “The differences can be significant.”

As an example, an insurer such as Thrivent enables the benefit partner to purchase additional benefits without additional health underwriting.  “If one insured qualifies for the waiver of premium because they are on claim, a policy can waive the premium for the spouse,” Mellendorf adds.  “All of these small but important contractual provisions can be exceedingly meaningful.  They are ways to benefit and also save.”

The shared care benefit rider is available to married couples.  “In addition, state and domestic partners that are named in a valid certificate or license by the state can qualify,” Slome shares.  “Companies may allow two individuals living together for a period of time in a committed relationship to qualify.”

Couples and partners wanting to learn more about long-term care insurance costs and ways to save can connect with an independent LTC insurance specialist by visiting the American Association for Long-Term Care Insurance website or by calling the organization at 818-597-3227.

Established in 1998, AALTCI advocates for the importance of protecting against the real risk of needing long-term care and supports insurance professionals who market traditional and linked-benefit LTC insurance solutions.

The post Couples Overlook This Long-Term Care Insurance Planning Option appeared first on American Association for Long Term Care Insurance.

“Those 10 years are actually the best time to apply for and purchase long-term care insurance,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “It’s when one is more likely to meet the health requirements and also to find the premiums more affordable.”

According to Slome some 55 percent of buyers of traditional long-term care insurance policies were between ages 55 and 65.  “Just over a quarter (27%) were younger and only 18 percent were age 66 or older.”

Health is an important factor in obtaining a long-term care insurance policy.  “Insurers will look at your health, the number and type of prescription medications you take as well as your height and weight,” Slome explains.  “As we age, we generally take more drugs and have more health conditions that prevent many from meeting the health qualifications for this coverage.”

Recent data shared by the organization revealed that a quarter (22.4%) of Americans between ages 49 and 70 take five or more prescription drugs every month.  “Almost half of men (46.4%) and nearly as many (43.3%) of women who are between 40 and 59 are defined as obese,” Slome adds.  “After age 65, some 30 percent of people indicate they have some physical disability and that is likely to make one ineligible to health qualify for long-term care insurance.”

To access the latest long-term care insurance statistics facts go to our home page and look under the Statue of Liberty image.

Established in 1998, the American Association for Long-Term Care Insurance advocates for the importance of planning.  AALTCI supports insurance professionals who market both traditional as well as hybrid long-term care insurance.  To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at www.aaltci.org.

The post Buyers Ages for LTC Insurance Reported appeared first on American Association for Long Term Care Insurance.

The organization gathered data from seven major insurers who reported their largest claims that were still open as of December 31, 2018.

“For the first time there were numerous company reports of individual claims that exceeded $2 million and no single individual claim was less than $1 million,” shares Jesse Slome, AALTCI’s director.  “Our hope is that the data will help address consumer concerns regarding the importance and value of having a traditional long-term care insurance policy.  Of course no one ever hopes to have a million dollar need for long-term care but when it happens, and it does, look at the benefits these individuals and their families received.”

The following are highlights from the Association’s 2019 finding.

Largest Open Claim For A Female Policyholder: $2,636,417
Claim Duration:  15 Years and 4 Months

Largest Open Claim For A Male Policyholder:  $2,276,381
Claim Duration:  14 Years and 2 Months

See LTC Insurance Claims Data Report – 2019 Association Study

Click this link to view the 2019 Claims study information.

Of the seven long-term care insurers reporting data, four had claims in excess of $2 million for a female policyholder and three had exceeded that level for a male policyholder.   Most of the largest claims had been open for between 11 and 18 years according to the Association’s 2019 long-term care insurance claims study.

According to a previously released Association report, the long-term care insurance industry paid $10.3 Billion in claims during 2018 to more than 303,000 policyholders.

“While million dollar long-term care insurance claims are the exception rather than the norm, showing that they actually exist and are being paid is vital for the future of the industry,” Slome notes.

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 long-term care insurance costs quotes and information 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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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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Jesse Slome, long term care insurance expert

For many consumers, the magic price point for starting the conversation about long-term care insurance is $100 according to the director of the American Association for Long-Term Care Insurance (AALTCI).

“Every discretionary purchase has a magic price point.  Get close to it and you’ll be rewarded.  Cross it, and few people will be interested and buy,” explains Jesse Slome, director of AALTCI, the national long-term care insurance association.   ”It wasn’t a coincidence that iTunes started charging 99-cents, below the magic one dollar price point.  If they had started even at $1.29 their initial launch and sales would have been very different.”

The long-term care insurance expert was sharing marketing ideas with designated long-term care insurance specialists.  “There is definitely a magic price point when speaking to consumers about the importance of long-term care planning and the role that insurance plays,” Slome advocated.  “The magic price point is $100-per-month and many insurance agents make the mistake of starting the discussion higher and then trying to down-sell if they sense price resistance.”

Slome advised the insurance agents to recognize the importance of magic price points and to start the conversation with that in mind.  “It’s definitely possible to achieve that and still offer some long-term care insurance protection that is suitable for many,” Slome points out.

According to the just published long-term care insurance cost analysis, a couple both age 55 could purchase a benefit pool of over $300,000 at age 85, the age when need for care is most likely.  “The monthly cost would be $100-per-person,” Slome notes.  “Of course, if the couple wanted more coverage you can always increase their benefits but starting high and trying to peel back is not a viable way to offer this product I believe,” he added.

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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