Los Angeles, CA, February 08, 2014 --(PR.com
)-- A 60-year old couple can pay $3,100 a year for excellent long term care insurance protection or they can pay $6,500 a year for comparable coverage according to a just-released industry analysis.
“Each long term care insurance company sets the prices they want to charge and the range can be quite significant explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group which analyzes policy costs for both individuals and couples.
"Unlike other types of insurance coverage where you can switch from one insurance company to another in later years, switching long term care insurance companies almost never takes place," Slome notes. "You don't switch after a year or two because you'll pay higher rates based on your new age and you'll have to meet the current health standards."
"Consumers mistakenly think they can buy coverage directly from insurance companies," Slome states. "They'll simply direct you to an agent who favors their policy or may only be able to sell you their particular policy. That might be your best choice but it might not be."
Slome advocates the 'Good, Better, Best' approach to long-term care insurance planning. "For a couple both age 60, a good plan of coverage provides each spouse with $164,000 of potential benefits and costs about $165-per-month," Slome explains. Better coverage takes advantage of the Guaranteed Purchase Option offered by some insurers. "The best coverage includes an inflation option but this can easily double costs," he notes.
"We also advise consumers that their most important decision is selecting the right professional to work with," he adds. According to the organization, a long term care insurance specialist can compare multiple insurers and offer you the policy that best suits your age, your health and budget.
To compare long term care insurance costs connect with a designated long term care specialist call the national organization at (818) 597-3227 or visit the Association's website at www.aaltci.org.