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Attractive Long Term Care Insurance Options Yield Savings And Greater Flexibility

LOS ANGELES, Aug. 21, 2014 /PRNewswire-USNewswire/ -- Newer options give consumers who are considering long term care insurance added flexibility as well as significant cost savings according to industry experts.

"It's important that the amount of long term care insurance coverage you buy today can increase because care costs tend to rise over time," explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group.  "Not looking into the many options now available for future benefit increases can be a costly mistake."

According to the Association, a healthy 55-year old couple might pay $1,440-per-year (combined) to obtain $175,000 of long-term care insurance protection for each spouse.  "If they add an option that increases their potential benefit amounts by five percent yearly, they'll face paying $5,850 yearly ($487-per-month)."

"Over half of new long-term care insurance claims begin with home care not nursing home care," says Slome.  "People are surprised to learn that costs for long-term care services received at home have only increased between one-and-two percent annually going back nearly 20 years."

That 55-year-old couple selecting a policy where future benefits increase by one percent annually will pay about $150 monthly.  "The cost for benefits growing two percent yearly is roughly $175-per-month," the AALTCI director explains.

Ask Your Long Term Care Insurance Specialist To Compare

"Consumers deserve better than 'off the shelf' approaches to long-term care insurance planning," explains George Mellendorf, president of LTC Solutions, a national distributor of long term care insurance headquartered in Cape Coral, FL.  "Work with a specialist who can compare the most current available options that increase your potential benefits."

Newer policies also allow insureds the flexibility to make future adjustments to their benefit growth percentage.  "Mutual of Omaha's Mutual Care Custom Solutions, permits you to change the future growth factor, a really meaningful built-in feature should we see care costs rising faster in the years ahead," shares Mellendorf.  As with all insurance, it is important to read the policy language carefully where the rules and any limitations are explained.

Individuals interested in comparing long term care insurance costs from a designated specialist can call the American Association for Long Term Care Insurance at 818-597-3227 or visit the organization's website where free access to five long term care insurance consumer guides is available.


Contact: Jesse Slome, 1-818-5973227, [email protected]

SOURCE American Association for Long Term Care Insurance

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