New Long-Term Care Insurance Brochure Explores Claims Data
A new brochure published by the American Association for Long-Term Care Insurance http://www.aaltci.org provides a meaningful and current look at long-term health care insurance claims.
"So much has been written regarding the reasons to purchase this important protection," explains Jesse Slome, executive director of the national trade group. "But little deals with what happens when individuals eventually require benefits from their policy. What are the causes of claims and how long do they last?"
The brochure begins by dealing with what Slome calls the most-often asked question. "People are always asking, what's my real risk," Slome explains. "The truth is that everyone's real risk of needing long-term care is either zero percent of 100 percent, because for any one individual the averages are completely irrelevant."
According to the Association guide, the leading causes of long-term care insurance claims are Alzheimer's disease followed by stroke and arthritis. "Alzheimer's accounts for nearly one-third of claims for skilled nursing home care and about one in five home health care claims," Slome acknowledges.
While most claims begin after an individual has reached age 70, almost one in ten claims occur prior to that age. "The mistake people make is not looking into this coverage when they can still health-qualify," Slome explains. More than half of new individual policies are sold to individuals between ages 55 and 64. "That's the sweet spot when one definitely must act if they want long-term care insurance to be an option," Slome adds.
The guide goes into great depth exploring how long claims last based on different types of policies. "Today, many people are looking at more affordable forms of coverage," Slome notes. Policies generally provide a pool of benefit dollars that is arrived at by multiplying a daily benefit factor by a number of years. "Many people today look at a cash pool based on a 3-year timeframe," Slome explains.
The guide points out that one in 10 (10.9%) of policies offering a 3-year benefit actually paid benefits beyond the 36-month time period and only 8.0 percent actually exhausted their policy benefits.
Copies of the Association's eight-page guide can be requested from any of the organization's members. For more information visit http://www.aaltci.org/guide or contact the organization at (818) 597-3227.
The American Association for Long-Term Care Insurance http://www.aaltci.org is the national trade organization focused on educating individuals about the importance of long-term care planning. The Association's Consumer Information Center was voted the #1 source for information by consumer interest group rating and can be accessed at http://www.aaltci.org/long-term-care-insurance.
American Association for Long-Term Care Insurance
3835 E Thousand Oaks Blvd
Westlake Village, CA 91362
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