AALTCI Recommends Applying for Long Term Care Insurance Prior to Turning 65
A leading expert at the American Association for Long Term Care Insurance recommends individuals apply for long term care insurance protection prior to Medicare qualification at age 65.
Los Angeles, CA, October 30, 2013 --(PR.com)-- Waiting until you turn 65 to consider long term care planning options could be a costly mistake according to Jesse Slome, director of the American Association for Long Term Care Insurance.
"After age 65 the likelihood that you will not health qualify for long term care insurance increases and so does the cost for this protection," says Slome. "I call it the 'double whammy' that shocks many older individuals," notes the long term care insurance expert who regularly addresses consumer groups.
Roughly 10,000 Americans turn 65 every day and qualify for Medicare. "Medicare is great coverage and includes a variety of preventive health screens that you want to take advantage of," Slome notes. "However, these screens uncover conditions that could prevent you from health qualifying for long term care insurance."
"The news coverage about Obamacare focuses on the importance of getting younger healthy individuals into the plan to avoid future rate increases," Slome shared with consumers today. "If long term care insurance companies accepted all applicants and all existing health conditions, the cost for this protection would be beyond what people would pay. By limiting sales to those in relatively good health today, the cost for insurance can be low, even though between a third and half of policyholders will eventually need care," Slome adds.
Slome advised consumers that applying for long term care insurance prior to age 65 made sense. According to annual research conducted by the organization, one in four applicants for insurance was declined last year. "The percentage almost doubles to 44 percent if you look at applicants between ages 70 and 79," Slome notes.
Costs for long term care insurance are based on your attained age at application he shared with consumers. "Rates increase slightly from year to year in your 50s but after your mid 60s they start to increase by eight percent for every year you wait," Slome acknowledged. "You can't out-invest that increase and you still face the risk that your health will change and you will no longer be able to health qualify."
Consumers seeking information or prices for long term care insurance can call the Association's national offices to be connected with a long term care insurance designated professional who is a member of the Association. For no-obligation information, call the organization at (818) 597-3227 or visit their website at www.aaltci.org.
"After age 65 the likelihood that you will not health qualify for long term care insurance increases and so does the cost for this protection," says Slome. "I call it the 'double whammy' that shocks many older individuals," notes the long term care insurance expert who regularly addresses consumer groups.
Roughly 10,000 Americans turn 65 every day and qualify for Medicare. "Medicare is great coverage and includes a variety of preventive health screens that you want to take advantage of," Slome notes. "However, these screens uncover conditions that could prevent you from health qualifying for long term care insurance."
"The news coverage about Obamacare focuses on the importance of getting younger healthy individuals into the plan to avoid future rate increases," Slome shared with consumers today. "If long term care insurance companies accepted all applicants and all existing health conditions, the cost for this protection would be beyond what people would pay. By limiting sales to those in relatively good health today, the cost for insurance can be low, even though between a third and half of policyholders will eventually need care," Slome adds.
Slome advised consumers that applying for long term care insurance prior to age 65 made sense. According to annual research conducted by the organization, one in four applicants for insurance was declined last year. "The percentage almost doubles to 44 percent if you look at applicants between ages 70 and 79," Slome notes.
Costs for long term care insurance are based on your attained age at application he shared with consumers. "Rates increase slightly from year to year in your 50s but after your mid 60s they start to increase by eight percent for every year you wait," Slome acknowledged. "You can't out-invest that increase and you still face the risk that your health will change and you will no longer be able to health qualify."
Consumers seeking information or prices for long term care insurance can call the Association's national offices to be connected with a long term care insurance designated professional who is a member of the Association. For no-obligation information, call the organization at (818) 597-3227 or visit their website at www.aaltci.org.
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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