AALTCIAmerican Association for Long Term Care Insurance (Westlake Village, CA)
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"If you live a long life the chances of needing long-term care dramatically increase and more Americans are living long lives into their 90s and even past age 100," explains Jesse Slome, director of AALTCI. "The vast majority have no plan in place for the very real risk and far too few ever look into long-term care insurance as an affordable way to plan."
AALTCI gets a beneficiary count by asking about the number of people on claim on one specific day in the year.
A comparison of the AALTCI figures with the government long-term care spending estimates suggests that private insurers may have accounted for about 3.3 percent of U.S.
Some 30.5 percent of newly opened claims in 2012 began in a skilled nursing home setting, reports AALTCI.
States have not posted filings about withdrawals from markets online and the company did not respond to a request for it to comment on the AALTCI report.
AALTCI has made free marketing tools available that insurance professionals can use to promote awareness during Long-Term Care Awareness Month.
"The majority of summit attendees are relatively new agents and brokers who want to learn from the leading trainers and successful producers," said Jesse Slome, executive director of the AALTCI. "This is the largest industry conference specifically for top long term care insurance sales and marketing professionals"
"Individuals understand the consequences associated with living a long life which often include the need for long-term care," explains Jesse Slome, director of AALTCI. "Those who want to have a plan continue to see value in products which can pay for costs associated with needing that care."
"In general costs increased slightly compared to our 2017 analysis, but indeed in some situations, though, purchasing a new policy could [cost] slightly less," said Jesse Slome, director of AALTCI.
Related: AALTCI posts LTCI claim data AALTCI: LTCI buyers are getting less inflation protection
Commenting on asset-based LTC's growing popularity, Jesse Slome, executive director of AALTCI, noted that "It's definitely a hotter property in the financial advisor marketplace, just because it's a simpler concept to sell than traditional LTC insurance." He points out that many people hesitate to purchase LTC coverage because they feel that if they don't use it they've wasted the money spent on the policy.
According to the AALTCI, 180,000 Americans received benefits from their long term care insurance policy, and $8.5 billion in claims was paid in 2008.