Long Term Care Insurance Rate Increase Misconceptions Are Leading Agent Concern Reports AALTCI
Los Angeles, CA, June 13, 2014 --(PR.com
)-- A significant percentage of consumers now hold a mistaken perception that costs for all long term care insurance policies will increase yearly and that is a major concern among leading insurance specialists polled by the American Association for Long Term Care Insurance.
"So much media attention has been given to increases on older long term care insurance policies that it's understandable why consumers assume policies purchased today will similarly be impacted," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group that polled leading long term care insurance specialists.
According to feedback from participants in the Association's survey, consumers interested in long term care insurance believe they'll experience annual increases that can be as much as 50-to-90 percent. "This is of course not the case," Slome explains, "but overcoming perception when you are in a defensive position is difficult to accomplish." The Association hopes to develop consumer educational material that explains the increase that has affected older long term care insurance policies.
"The mistaken perception is definitely a barrier to people purchasing this important protection and unfortunately their fears are unfounded," Slome adds. "Policies sold today inherently have little risk of future rate increases so it is important to explain why the past does not predict the future and government regulations provide important protection for concerned consumers."
The American Association for Long-Term Care Insurance is a national organization working on behalf of insurance and financial professionals. For additional information, visit the organization's website www.aaltci.org.