Long Term Care Insurance Consumer Education Videos Announced

June 27, 2012 - PRLog -- Individuals hold many misperceptions regarding long term care planning and long term care insurance as an option to cover costs.  Two new consumer videos created by the American Association for Long-Term Care Insurance are designed to heighten awareness and understanding.

“The most frequent question we receive from consumers is what does long-term care insurance http://www.aaltci.org/long-term-care-insurance cost,” explains Jesse Slome, executive director of the Association.  “Many of the media reports provide average numbers which can be quite misleading and result in a significant number of people over-estimating the real cost.”

The first video examines data from the Association’s annual study of buyers to show what levels of insurance coverage are generally selected today.  “Long term care insurance is like buying a car where you could get a top-of-the-line sports car,” Slome notes.  “But most people look for affordable and reliable transportation and the same is true when it comes to this insurance.”

According to Association data shared in the video, nearly 80 percent of new buyers in 2011 opted for insurance coverage designed to pay benefits for at least three years.  “People worry that they may be doing the wrong thing when looking at a more limited amount of coverage,” Slome says.  “Clearly the data shows that most people chose limited, more affordable amounts of coverage.”

A second consumer video focuses on the actual price for policies at various ages from 55 to 65.  The information is based on the Association’s 2012 Long-Term Care Insurance Price Index.  “Consumers fail to understand the large spread between what various insurers charge for virtually identical coverage,” Slome adds.  “For that reason, we show the average price as well as the low and high range to emphasize the importance of getting a cost comparison from a knowledgeable insurance professional.”

The two videos can be viewed online via the homepage of the Association http://www.aaltci.org.