2013 Long Term Care Insurance Cost for Illinois Reported by AALTCI
Long term care insurance costs for Illinois residents can vary by 69 percent reports the American Association for Long-Term Care Insurance.
Chicago, IL, August 17, 2013 --(PR.com)-- A new analysis finds average monthly long term care insurance costs for Illinois residents can vary from around $128 to $216. The analysis was reported today by the American Association for Long-Term Care Insurance.
"The typical buyer of long term care insurance is a couple between the ages of 52 and 60," explains Jesse Slome, executive director of the long term care insurance industry trade group. The Association analysis examined policy costs for a typical 55-year old couple in standard health. "There are so many misperceptions about long term care insurance that we wanted to give people as realistic understanding of what basic coverage costs," Slome adds.
According to the AALTCI report, a husband and wife who are both age 55 would pay roughly $128-per-month to each purchase a pool of $162,000 of benefit dollars. "We always start by explaining that some coverage is always better than none as most people want care in their own home and $162,000 can buy an awful lot of care even if costs increase in future years," Slome adds. "Of course, if you can afford a policy where the benefits will increase each year, that's well worth considering."
Adding a three-percent compound growth factor to the same couple will cost the 55-year old couple 69 percent more yearly. "Their premium will cost $216-per-month but the initial benefit of $162,000 for each will grow to $320,000 when they turn age 75 and over $402,000 for each when they turn age 85."
The national long term care insurance expert advises consumers to ask their insurance professional for a 'Good - Better - Best' long term care insurance cost analysis. "Good coverage is a basic amount of coverage that may supplement costs you'll pay from savings and retirement income including Social Security," Slome explains. "Better coverage includes the Guaranteed Purchase Option which allows policyholders to increase benefit amounts in future years and the Best coverage includes the built-in inflation growth option."
"Your agent should have enough experience to fully explain the Good-Better-Best approach," Slome advises. "A good specialist will be able to compare policies and costs from at least four major carriers in your state and to explain why they are recommending a particular carrier that either best suits your needs or health conditions."
The Association makes available free long term care insurance guides on the organization's website. No sign-in information is required to access the guides. To learn more or to be connected with a designated long term care insurance specialist call the organization at 818-597-3227 or visit their website.
"The typical buyer of long term care insurance is a couple between the ages of 52 and 60," explains Jesse Slome, executive director of the long term care insurance industry trade group. The Association analysis examined policy costs for a typical 55-year old couple in standard health. "There are so many misperceptions about long term care insurance that we wanted to give people as realistic understanding of what basic coverage costs," Slome adds.
According to the AALTCI report, a husband and wife who are both age 55 would pay roughly $128-per-month to each purchase a pool of $162,000 of benefit dollars. "We always start by explaining that some coverage is always better than none as most people want care in their own home and $162,000 can buy an awful lot of care even if costs increase in future years," Slome adds. "Of course, if you can afford a policy where the benefits will increase each year, that's well worth considering."
Adding a three-percent compound growth factor to the same couple will cost the 55-year old couple 69 percent more yearly. "Their premium will cost $216-per-month but the initial benefit of $162,000 for each will grow to $320,000 when they turn age 75 and over $402,000 for each when they turn age 85."
The national long term care insurance expert advises consumers to ask their insurance professional for a 'Good - Better - Best' long term care insurance cost analysis. "Good coverage is a basic amount of coverage that may supplement costs you'll pay from savings and retirement income including Social Security," Slome explains. "Better coverage includes the Guaranteed Purchase Option which allows policyholders to increase benefit amounts in future years and the Best coverage includes the built-in inflation growth option."
"Your agent should have enough experience to fully explain the Good-Better-Best approach," Slome advises. "A good specialist will be able to compare policies and costs from at least four major carriers in your state and to explain why they are recommending a particular carrier that either best suits your needs or health conditions."
The Association makes available free long term care insurance guides on the organization's website. No sign-in information is required to access the guides. To learn more or to be connected with a designated long term care insurance specialist call the organization at 818-597-3227 or visit their website.
Contact
American Association for Long-Term Care Insurance
Jesse Slome
818-597-3205
www.aaltci.org
Jesse Slome
818-597-3205
www.aaltci.org
Contact
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