Agents tired of the seemingly endless negative news that has plagued the long-term care insurance industry finally have some good news to share. Actually, two pieces of welcome news. Costs for long-term care insurance protection are down from the prior year. In some instances, costs are as much as 15 percent lower. Considering all the negative news focused on rising prices and their impact on consumers, especially older Americans, this is a bit of welcomed, good news. The data comes from the just released 2023 Long-Term Care Insurance Price Index…Read More
Category: Long Term Care
Is longer term care insurance a dying breed or is it just getting a second look by consumers. Learn more about this product with news and informational articles posted by experts.
$13.5 Billion in Long-Term Care Insurance Claims Paid In 2022
Insurers paid out $13.25 Billion in long term care insurance claims during 2022 according to a new report released this week by the American Association for Long-Term Care Insurance (AALTCI). “Consumers need to understand that long-term care insurance companies have paid benefits to millions of Americans over the past decades,” says Jesse Slome, AALTCI’s director. “In fact, each year, insurers pay more in claim benefits to more beneficiaries than the prior year.” According to Slome, some $12.3 Billion in claim benefits was paid out in 2021. “The over $1 Billion increase…Read More
Will Secure Act Increase Long-Term Care Insurance Sales?
Contained within the just-signed SECURE Act 2.0 is a provision that potentially benefits those considering the purchase of long-term care insurance. While any legislation that includes some incentive to purchase LTC insurance should be seen in a positive light, it is my belief that in the absence of change this legislation will likely be of little value. I hate to throw a wet blanket over any legislation that seems to give long-time LTCi advocates a glimmer of hope today. And, after decades of advocating for the importance of an often-maligned…Read More
Good Time for Agents to Look Into Long-Term Care Annuities With Equity Performance Potential
It’s not news that the Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500 Index have both plummeted since the beginning of the year. Consumers are understandably worried. Financial advisors and insurance agents are fielding calls from clients concerned about what’s to come. When financial markets decline and uncertainty pervades, it is logical the consumers are wary about big ticket purchases. And, admittedly, long-term care insurance today can be considered one of those big-ticket purchases. LTC is a ‘should have’ rather than a ‘must-have’ purchase. When stock markets…Read More
Latest Long-Term Care Insurance Data Can Help Agents Marketing LTC Solutions
The latest examination of long-term care insurance applicants can help agents communicate the importance of timely planning. One of the reasons individuals do not pursue long-term care insurance planning information is the general sense that coverage can be obtained at any age. It makes logical sense in their minds to wait until a need is relatively imminent. As many consumers will tell you, why pay for something I may never need or won’t need for many years? Agents marketing traditional and linked benefit long-term care solutions have lacked relevant and…Read More
Long-term care insurance premiums are rising as benefits are reduced
Approximately 70 percent of Americans will require LTC of some form in their lifetimes. Purchasing long-term care insurance is a daunting task for many Americans, who are finding policies increasingly difficult to afford, while they watch the benefits shrinking despite the rising cost. Many Americans find themselves frustrated and overwhelmed when trying to find affordable policies. This particular issue isn’t quite new to the long-term care insurance industry. Prices have been rising for several years while insurers cut back on what the provide in their policies. The reason is primarily…Read More
Linked-Benefit Long-Term Care Video Library Launched By AALTCI
Sales of linked-benefit long-term care insurance continue to outpace traditional long-term care policies. A new video library will provide meaningful information to prospective buyers. “There is enormous interest in linked benefit long-term care,” states Jesse Slome, director of the American Association for Long-Term Care Insurance director. “Judging by the consumer inquiries we receive, there are also many misconceptions and some flawed information that we wanted to address.” The Association has just launched an online video library that will consist of short informative videos focused specifically on hybrid or linked-benefit long-term…Read More