American Association for Long-Term Care Insurance

March 24, 2014 –  A long term care insurance information campaign focused on the over 9.6 million Americans worth $1 million or more was called for today.

“The number of Americans worth over $1 million has increased 24 percent increase over the past four years.,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.  “Individuals worth between $1 and $5 million would benefit from an understanding of how long term care insurance can benefit their financial and family situation.”

According to a recent report, the number of Americans worth between $1 million and $5 million reached 9.63 million in 2013, up from 7.8 million in 2009.  The number of those worth between $5 and $25 million grew to 1.2 million up from fewer than one million in 2009.

Being worth over $1 million is a commendable achievement and many mistakenly believe self-insuring against risks like long term care is the advisable option.  “There are reasons why transferring some of the risk with insurance makes both financial and psychological sense,” Slome points out.  The long term care insurance expert notes that assets may not be liquid, forcing sale at a less than ideal time.

“Individuals who have acquired significant assets often have plans to leave the funds to family members or a particular church or organization,” the long term care planning expert noted.  “Insurance can help keep their financial plans in place but financial benefits are just part of the reason individuals should consider protection.”

Long term care insurance planning for wealthy individuals involves comparing a variety of plan options.  “People mistakenly believe all insurance is pretty much the same and nothing could be farther from the truth today,” Slome acknowledges.  “If you have assets, you may want to consider a more modest level of insurance that will save you money,” he adds.  “If you need care, insurance will pay some of the cost and your personal savings will pay a part but not all.  That can make good financial sense.”

To learn more about long term care insurance options and costs visit the Association’s website at www.aaltci.org.  For no obligation cost comparisons or second opinions for long term care insurance costs from a designated specialist call the organization at 818-597-3227.

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