American Association for Long-Term Care Insurance

Los Angeles, CA – January 14, 2013:   The majority of long term care insurance begin after the policyholder reaches age 70 according to an industry study but planning needs to take place at least 10 years earlier.

“We hear from so many people who start looking into long term care insurance at an age when they can no longer health qualify or afford the cost of coverage,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group that recently published the study.  “While our studies show that claims tend to start after age 70, we stress that the sweet spot to start planning is between 55 and 65.”

According to the Association’s yearly study of policy sales and claims, nearly one in four (24.1 percent) of the long term care insurance claims started in 2011 were made by individuals between 70 and 79.  Just over two-thirds (66.5 percent) of new claims started after the policyholder reached age 80.

“While you could need long term care because of an accident or illness, the vast majority of us are going to need care as the result of living a long life,” Slome notes.  “But just as you can not purchase homeowner’s insurance protection after a house fire, with long term care insurance you need to buy when you can health qualify and our health changes, usually for the worse, as we get older.”  The average age of applicants for new policies currently is about 56 according to the national trade group.

No one that I know believes private long term care insurance is the universal solution for the nation because we have millions of people who can not afford or health qualify for protection.  Even if the Commission recommends a national taxpayer paid-for long term care program as exists in some other countries, there will be a place for private insurance by those who do not want to depend on whatever government benefits may be available.”

Each of the insurers establishes their own criteria for health qualifications, the national long-term care insurance expert explains.  “Some conditions that are not acceptable to one insurance company may be acceptable to another long term care insurer,” Slome explains.  “To get the best selection of policies and long term care insurance costs, it is advisable to work with an insurance professional who is appointed to sell at least four or five of the leading long term care insurance companies, including Genworth, John Hancock, Mutual of Omaha and Transamerica.”

Established in 1998, the Los Angeles, CA-based American Association for Long-Term Care Insurance is the national association serving insurance and financial professionals who provide long-term care financing solutions.  To connect with a designated long term care insurance specialist, call the Association at (818) 597-3227 or visit the organization’s website.

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