American Association for Long-Term Care Insurance

August 6, 2014 –  Married couples thinking about long term care insurance protection should be aware of a potential price penalty that can apply when only one spouse applies or health qualifies for insurance.

“It’s not uncommon today to see married couples who only want long term care insurance protection for one spouse, perhaps a much older husband,” explains Jesse Slome, director of  the American Association for Long-Term Care Insurance.  ”There are also many couples where one spouse has existing health issues that prevent qualifying for insurance.  Or worse, the agent says they should apply only to have them declined by the insurer.”

According to the long term care insurance expert, some leading insurance companies do not offer the common spousal discount when only one spouse applies or heath qualifies.  “While some do not offer a discount, others do offer a discount even when only one spouse applies and the resulting savings can be significant,” Slome points out.

The marriage penalty was cited in the Association’s latest online installment revealing real examples of how real people saved money when purchasing long term care insurance.  “Because the policies are complex and they don’t sell many policies, insurance agents or financial planners today are often only familiar with one or two insurers,” Slome shared with consumers.

The example reports how a 63-year-old married man who was only seeking coverage for himself, saved 40 percent yearly simply because the long term care insurance specialist knew which companies offered single men lower rates and partial spousal discounts.

“He not only saved $1,000 a year but ended up with some significantly better protection than what his financial planner had recommended,” Slome adds.   “We encourage comparison shopping but few consumers have the time or knowledge to really compare policies.  True expertise comes from experience that is really acquired over time.”

To read the Association’s Real People Real Examples stories, go to www.aaltci.org/ideas or to connect with a knowledgeable long term care insurance specialist call the organization at 818-597-3227.

The American Association for Long Term Care Insurance is a national organization that advocates for sound and responsible planning for the real risk of needing long term care services.  The national organization is headquartered in Los Angeles, CA.

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