News Feed Item

Long Term Care Insurance Prices Drop for Men, Rise Slightly for Couples

Costs for Identical Coverage Can Vary by 80-to-110 Percent According to American Association for Long Term Care Insurance 2014 Price Index

LOS ANGELES, CA -- (Marketwired) -- 01/10/14 -- 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. A 60-year-old married couple faces a seven percent increase according to a new analysis of prices.

"Compared to last year, costs for long term care insurance have risen slightly for couples, increased more significantly for single women but they have decreased for single men," reports Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The national trade group released the findings of their 2014 Long-Term Care Insurance Price Index.

The average cost for a 55-year-old male purchasing $164,000 of long term care insurance protection is $925 a year according to AALTCI. The same coverage for a single woman costs $1,225. "Women now pay more as several insurers introduced policies that take into account the increased risk of needing long term care services by women," Slome explains. "There are still some states where women pay the same as men."

A 60-year-old couple, each purchasing $164,000 of current protection that will grow to $730,000 combined when both reach age 80, will pay an average of $3,840 yearly, a three percent increase over the prior year. "Adding an inflation growth option builds your benefits over time but it can double the base cost of coverage," Slome adds. "Today there are other choices available that enable policyholders to add to their coverage in future years without such a dramatic increase in current costs."

The national long-term care insurance expert encourages a 'Good, Better, Best' approach to affordable long-term care insurance planning. "Better coverage today covers a significant share of the costs you'll face and capitalizes on some of the newer policy options offered," Slome clarifies. "Not all insurers offer options like the 'Guaranteed Purchase Option' that allows you to add to your coverage periodically, so comparison shopping makes more sense than ever."

Costs For Virtually Identical Coverage Vary By 80-To-109 Percent

According to AALTCI's 2014 Price Index, costs for virtually identical policy coverage vary significantly from one insurer to the next. "The typical difference is around 80 percent but in certain cases one insurer charged 109 percent more and both were industry leaders," Slome states. "We advise consumers that their most important decision is selecting the right professional to work with."

Slome explains that a long-term care insurance specialist will typically be appointed to compare policies from multiple insurance companies. The Association suggests three questions to determine an insurance professional's expertise. How many years have you focused on long term care planning? How many long term care insurance policies have you sold? How many long term care insurers are you appointed with?

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.

AALTCI's 2014 Summit for insurance professionals will stream selected sessions online. For free access visit Virtual Insurance Conferences and Expos at www.insuranceexpos.com.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2493113

Add to Digg Bookmark with del.icio.us Add to Newsvine

Jesse Slome
American Association for Long-Term Care Insurance
Email Contact
Phone: 818-597-3227

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
How is DevOps going within your organization? If you need some help measuring just how well it is going, we have prepared a list of some key DevOps metrics to track. These metrics can help you understand how your team is doing over time. The word DevOps means different things to different people. Some say it a culture and every vendor in the industry claims that their tools help with DevOps. Depending on how you define DevOps, some of these metrics may matter more or less to you and your team.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.