AALTCI Video Addresses Dealing with Long Term Care Insurance Rate Increases
The American Association for Long-Term Care Insurance released a new video to help consumers understand their options when facing a rate increase on their long term care insurance coverage.
Los Angeles, CA, December 31, 2015 --(PR.com)-- A new video will help consumers facing rate increases on their long term care insurance protection understand options. The video was produced by the American Association for Long-Term Care Insurance, a national trade organization.
"No one likes to pay more but there are many misconceptions when it comes to rate increases on long-term care insurance policies," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance (AALTCI). The industry expert noted the organization received a record number of consumer calls regarding rate increases on existing policies.
"People are understandably angry but more importantly they are in the dark in terms of their options," Slome shares. "We wanted an introductory video that would allay some of that anger by explaining that insurance companies will offer them options and choices and that the vast majority of policyholders will accept one of the options."
According to AALTCI less than two percent of policyholders drop their long term care insurance coverage when facing a rate increase. "It's actually close to one percent," Slome notes. "Most people will either realize they have a good deal and pay the higher amount or evaluate the options being offered and continue to pay the same or in some cases they will even pay less money."
Some eight million Americans have long-term care insurance coverage in the United States. "Typically policies sold 10 years ago or more used assumptions or offered a five percent annual compounded growth of benefits," Slome shares. "These are typically the policies that are facing premium rate increases. New policies being sold today use pricing factors that make it very unlikely they will experience a future rate increase."
The video focused on dealing with long term care insurance rate increases can be viewed at https://youtu.be/fuwR81xIQNg.
The American Association for Long Term Care Insurance is a national trade organization established in 1998 to promote sound and affordable planning for Americans. For more information on long-term care insurance options or to find professionals in your area call the organization at 818-597-3227 or visit the organization's website at www.aaltci.org.
"No one likes to pay more but there are many misconceptions when it comes to rate increases on long-term care insurance policies," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance (AALTCI). The industry expert noted the organization received a record number of consumer calls regarding rate increases on existing policies.
"People are understandably angry but more importantly they are in the dark in terms of their options," Slome shares. "We wanted an introductory video that would allay some of that anger by explaining that insurance companies will offer them options and choices and that the vast majority of policyholders will accept one of the options."
According to AALTCI less than two percent of policyholders drop their long term care insurance coverage when facing a rate increase. "It's actually close to one percent," Slome notes. "Most people will either realize they have a good deal and pay the higher amount or evaluate the options being offered and continue to pay the same or in some cases they will even pay less money."
Some eight million Americans have long-term care insurance coverage in the United States. "Typically policies sold 10 years ago or more used assumptions or offered a five percent annual compounded growth of benefits," Slome shares. "These are typically the policies that are facing premium rate increases. New policies being sold today use pricing factors that make it very unlikely they will experience a future rate increase."
The video focused on dealing with long term care insurance rate increases can be viewed at https://youtu.be/fuwR81xIQNg.
The American Association for Long Term Care Insurance is a national trade organization established in 1998 to promote sound and affordable planning for Americans. For more information on long-term care insurance options or to find professionals in your area call the organization at 818-597-3227 or visit the organization's 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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