Los Angeles, CA, February 04, 2014 --(PR.com
)-- Millions of Americans will be living long lives into their 80s, 90s and even past age 100 without any thought to the consequences declares Jesse Slome, director of the American Association for Long Term Care Insurance executive director.
"People plan for all sorts of risks but a new one has emerged, longevity risk or the risk that befalls those who live a long life," explains Jesse Slome, executive director of the long term care insurance industry trade group. Slome cites Social Security Administration data that reports that a male who makes it to age 65 has a 40 percent chance of living to age 85 and females have a 53 percent chance. "That's for those in average health," Slome notes. "If you are healthier than the typical American, your chances of living that very long life increase to 50 percent for men and62 percent for women."
Slome announced plans to mount a yearlong campaign to create a heightened understanding of the "New Longevity Risk" associated with living a long life. "Awareness is the first necessary step if you hope people will take action," he adds, "and long term care insurance is just one of the many financial instruments that can be part of the solution." Funding to implement awareness efforts will come from membership dues from insurance professionals who belong to the trade group.
Slome notes that long term care insurance can be a prudent way to protect against the cost of needing assistance with daily life in later years. "But, insurance is only available to those who can still health qualify and that means starting the investigation typically prior to age 65," Slome advises. "That's why we call it just part of the solution, not the universal solution for all."
For information about long term care insurance costs or to connect with a long term care insurance specialist who is a member of the Association call the organization at (818) 597-3227 or on their website at www.aaltci.org where access to free consumer guides is available.