Los Angeles, CA, May 09, 2014 --(PR.com
)-- A real example of how a couple paid less for long term care insurance and secured significantly greater benefits has been added to the American Association for Long Term Care Insurance Consumer Information Center.
"This example involves a Missouri couple that compared coverage offered through an association they belong to," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group. "Nominal group discounts are often promoted as a benefit to members of trade groups and organizations but they don't always result in the best deal for the consumer."
An example of a real couple from Missouri has just been added to the Association's website sharing real examples of ways to reduce the cost or gain better coverage. "The real examples of real people page has generated enormous positive feedback and has become one of the most highly read sections on our website," Slome adds.
"In this situation, the couple were offered an Association discount of five percent," Slome notes. With the Association plan, the couple would have paid $3,140 a year and each would have received $200,000 in benefits. "on the surface it sounded like an excellent arrangement, especially the fact that they would save five percent," Slome adds.
Requesting a comparison proposal proved beneficial according to the real example. For $3,073 a year they were able to get a policy that included a three percent annual compound inflation growth option. "That means their coverage would grow every year so that at age 85, they would each have $343,000 in available benefits rather than just $200,000."
"When starting the process of looking into long term care insurance, one of the most important decisions you'll make is deciding who to work with," Slome counsels. The Association director suggests three questions to evaluate an insurance professional's expertise in the long-term care insurance field. "Ask how many individuals they have helped get insurance, the number of years they have focused on LTC insurance and how many insurance companies they are appointed with," he advises. "If an insurance broker is appointed with multiple companies, he or she will do the comparison shopping for you."
To learn more about long term care insurance savings ideas go to www.aaltci.org/ideas. 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 or visit their website.