Los Angeles, CA, March 16, 2016 --(PR.com
)-- If every American who currently has long term care insurance protection utilized their coverage, the total value would be well in excess of $800 Billion advises the head of the American Association for Long-Term Care Insurance.
"To date, insurers have paid out about $100 Billion in claims to individuals receiving care in their own home, in assisted living communities and, of course, in skilled nursing facilities," shares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national insurance trade group. Slome was addressing insurance professionals who market various insurance products as part of the organization's national awareness and education campaign.
Slome acknowledged that insurers never expect to pay out benefits to every policyholder, but stated the importance of sharing the potential because far too many people hold a misunderstanding about long term care insurance. "There is regrettably no industry campaign to create awareness or understanding," Slome admitted. "In an era where marketing and communications is so important, it's a vital component."
Indeed, the industry has reported a continuous decline in the number of individuals who purchase long term care insurance policies from a height of over 500,000 policies annually, to around 100,000 for the latest year according to AALTCI data. "This is a time when more Americans should be looking at how they will deal with the very real risks associated with living a long life and needing long-term care," Slome concluded.
Slome is founder and director of the American Association for Long Term Care Insurance (AALTCI) and the National Advisory Center for Short Term Care Information. Both organizations promote sound and affordable planning for Americans. To obtain long term care insurance cost comparisons or information call (818) 597-3227 or visit the organization's websites at www.aaltci.org for AALTCI. To learn more about short term care insurance, visit www.aaltci.org/short-term-care-insurance/.