Los Angeles, CA, December 19, 2013 --(PR.com
)-- While 2013 sales of long term care insurance policies are expected to be slightly lower compare to last year, a turnaround next year is expected according to a leading industry expert.
"We expect sales of individual long term care insurance policies will increase between eight and 10 percent next year, though I wouldn't be surprised if growth was more than that," declares Jesse Slome, director of the American Association for Long Term Care Insurance, the national trade organization.
Slome attributed his prediction for expected growth to a number of factors. "We're going to enjoy some premium rate stability I predict in 2014," Slome shared with industry professionals. "We've definitely reached the end of the Fed's sustained low interest rate environment which resulted in a need for insurers to seek premium rate increases. Stable rates and the expectation of stable rates are good for sales."
In addition, the industry executive predicts the heightened interest in healthcare coverage will bode well for the long term care insurance industry. "Consumers have a greater awareness of what's covered and what isn't and clearly long term care is something not covered by Medicare or traditional health insurance policies," he adds. "Consumer media will turn their attention from health care protection and refocus on other topics. Long term care planning will be one of the primary beneficiaries, I predict."
Finally, Slome notes that election year politics at both the Federal and State level will refocus attention on the potential collapse of Medicaid. "There will be a lot of finger pointing and dire predictions all of which will make Americans aware that government programs are not the desired solution," Slome notes. "Those with the ability to plan for their own future will recognize the importance of planning and long term care insurance provides a most viable alternative."
According to the organization, some eight million Americans possess a form of private long term care insurance protection. "We'll see more people purchasing traditional policies in 2014 and a significant growth in linked benefit products such as life insurance policies offering accelerated long term care benefits."
Consumers interested in long term care insurance costs and information can call the organization at (818) 597-3227 or visit their website www.aaltci.org where one can request information from a designated long term care insurance specialist.