Welcome!

News Feed Item

Long Term Care Insurance Costs Changing; Qualifications Can Be Challenging

Finding Price and Health Sweet-Spots for Long Term Care Insurance Can Save Significant Dollars, Advises American Association for Long Term Care Insurance

LOS ANGELES, CA -- (Marketwired) -- 07/24/14 -- Why would a 60-year old New York couple pay $3,250 yearly for long term care insurance when virtually identical coverage costs $1,800, some 57 percent less?

"More than ever, consumers face a real challenge when considering long term care insurance," explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI) a national trade group. "The internet makes it easy to compare prices for products and services including some types of insurance, but that's not the case today for long term care insurance."

According to a policy cost comparison just conducted by the Association, an unmarried Virginia male age 55 can pay $1,800 for benefits worth $400,000 when he reaches age 85. "A different insurer charges $2,440 or 30 percent more," Slome notes. Each insurer establishes policy costs that can vary considerably according to Slome. Each has pricing sweet spots based on the applicant's sex, age, marital or partnership status and pre-existing medical conditions.

"Prices can also vary by state and new policies are continually being introduced which makes keeping up challenging for insurance agents who don't regularly focus on long-term care products." Marital status matters too. Single women still enjoy some price advantages in California, Florida, New York or Hawaii while some insurers offer considerable savings to single men or married men whose spouse cannot qualify for coverage.

Health sweet spots also exist, Slome points out. "You can't weigh too little or too much in order to purchase long-term care insurance," the expert points out. One insurer will decline a 5-foot 7-inch woman who weighs over 243 pounds, while another sets their maximum weight limit at 274 pounds. "Smoke cigarettes and one insurer charges 45 percent more but another only adds a 15-percent premium to equivalent non-smoker rates," he adds.

One third of individuals who apply for long term care insurance are declined by the insurance company, according to AALTCI. "People mistakenly think that insurers have to accept all applicants like health insurance but that's not true," Slome describes. "They'll check your medical records and may even require a face-to-face assessment."

How To Get The Best Long Term Care Insurance Costs And Benefits

Comparison shopping on your own is virtually impossible for consumers, experts advise. "Working with an experienced and knowledgeable professional is your best bet," Slome agrees. He suggests three questions to ask. How long has the insurance agent been selling long term care insurance? "A minimum of three years is suggested, though five or more is going to be better," Slome notes. How many policies have they sold? "A long term care insurance specialist will have helped at least 100 individuals get coverage, though many will have helped 500 plus," he adds.

Most important, according to Slome, is determining if the financial advisor or insurance agent is appointed with multiple insurance companies. "Appointed is insurance industry jargon that means they can actually sell that company's policy. At the end of the day, an agent is only going to recommend and tell you about policies they can actually sell," he shares.

For no-cost advice or to compare long term care insurance costs and policies, connect with a designated specialist by calling the American Association for Long Term Care Insurance at (818) 597-3227 or visit the organization's website.

To read the Association's Guide To Reducing Long Term Care Insurance Costs visit www.aaltci.org/ideas.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2644044

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
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
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.
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...
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.