American Association for Long-Term Care Insurance

A single man or woman applying for long term care insurance at age 85 can expect to pay around $11,000 a year for an average plan of coverage a new report reveals.

“Almost every day we hear from someone who is 85 looking for long term care insurance,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “The vast majority wait until the need for care is imminent and at that point it is too late.”

Few long term care insurance companies will offer coverage to individuals past age 80 according to the Association.   “People with a need for care want to coverage but they can not meet the health requirements and applications were just a waste of time and cost for the insurers,” Slome notes.

According to the Association’s examination of long term care insurers offering coverage to those over age 80, a single individual who could meet the health qualifications could expect to pay around $11,000 per year for a policy that would pay around $164,000 in benefits.  The cost for a couple would be between $20,000 and $22,000-per-year combined for that level of coverage for each.

The average age for individual applicants today is 57 according to Slome one of the nation’s leading long term care insurance experts.  “We advise individuals that the sweet spot to look into this protection is between ages 52 and 64,” Slome says.  “Do it before you go on Medicare and start to partake in the various free health exams which are wonderful but can uncover health issues that preclude you from qualifying for long term care insurance.”

While few insurance companies today will accept applicants after age 80, Slome counsels consumers to always get a comparison quote.  “There is a whole lot more than price involved,” he notes.  “Some policies limit your ability to receive paid for care in your own home which is a reason many people obtain this coverage in the first place.”

For additional information from the Association call the organization’s national headquarters at 818-597-3227 or visit their website www.aaltci.org where consumers can also access a variety of free online consumer information guides, insurance company ratings and be connected with a designated long term care insurance professional.

Tags: best long term health care insurance, costs, information, long term care insurers, long-term care insurance, senior

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