Los Angeles, CA, March 11, 2018 --(PR.com
)-- Providing an accurate and balanced look at long-term care risk is vital for agents selling long-term care insurance according the director of the American Association for Long-Term Care Insurance (AALTCI), a national trade organization.
"The risk of needing long-term care is real but conveying only worst case scenarios may generate a reaction but not always the action you desire," shared Jesse Slome, director of the national long-term care insurance organization. "It is important for consumers to understand the need to plan but also that there isn't a one-size-fits all approach to long-term care planning."
Slome acknowledged that one of the most frequent questions from consumers pertains to the likelihood of needing care. "You see some scary numbers out there, projecting that 70 or 80 percent of people will need long-term care," Slome noted. "Those numbers are based on reports that use looser definitions of care, than would be required to actually trigger a long-term care insurance benefit."
According to the Association, the percentages of individuals turning 65 in 2018 who'll need long-term care services and support are about 57 percent for women and 47 percent for men. "That is still very significant, more than half of all women and nearly the same for men," Slome declared. "I love how Steve Moses from the Center for Long-Term Care Reform puts it; some people will be spared catastrophic loss, others will be glad they never needed it and many people will fall somewhere in-between and have protection."
"The latest data I have seen regarding care need duration comes from a report issued in 2017 by Credit Suisse," Slome shared. The report shared that 18.9 percent of care need was less than one year, 7.8 percent was between one and two years, 11.7 percent was between two and five years and 13.9 percent of claims could be expected to last more than five years.
"We continue to encourage what we call the Good-Better-Best approach to long-term care planning, where coverage for even as little as one or two years can be better than having no coverage at all," notes the AALTCI director. "We know that price is always an issue for many consumers, so sharing balanced information can help your client understand they are making a reasonable and appropriate choice. And, where products are available, don't overlook the value of short-term care insurance products which offer benefits typically for up to one year."
Consumers and insurance professionals who want to learn more about long-term care insurance costs and planning options call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the organization's website at www.aaltci.org to find local LTC insurance professionals.
To learn more about short-term care insurance and find out states where products are approved, call the National Advisory Center for Short-Term Care Information at 818-597-3205.