Long Term Care Insurance Money Back Provisions Available

LOS ANGELES - Aug. 19, 2013 - PRLog -- Los Angeles; August 19, 2013 - For consumers concerned that they won't use the long term care insurance policy they've paid for selecting a money back option can be attractive reports the American Association for Long-Term Care Insurance.

"Long term care Insurance is the only form of insurance protection where consumers seem concerned about not having a claim," declares Jesse Slome, executive director of the national long term care insurance industry trade group http://www.aaltci.org.  "I've never met anyone who regretted their house not burning down or avoiding a major car accident because it meant they wasted their home or car insurance payments."

Slome notes that when it comes to long term care insurance people seem to have a mindset that they've wasted dollars if they never have a claim.  "Of course, ask them if they'd really like to have a stroke or be diagnosed with Alzheimer's and the answer is never, but even that does not overcome this mental block that continues to exist in many," Slome points out.

The Association director explained that policies offer an option that will return premium dollars paid.  "The return of premium option does exactly what it says," Slome acknowledged.  "It returns premiums, typically less any claims costs but the policy provisions can vary from one insurer to the next."  The Association analysis of costs for good coverage for a 55-year-old couple found that the option added roughly 62 percent to the cost of coverage.

"You can have the don't lose it if you don't use it option," Slome explained with a traditional long term care insurance policy.  He notes that few people end up selecting the option.   "Often there's one spouse, typically the husband who is adamant that he'll never need care and that insurance is a waste of money," Slome says.  "In those situations, the return of premium option is a way to take that objection off the table."

The national long term care insurance Association makes available free long term care insurance guides on the organization's website.  No sign-in information is required to access the guides.  To learn more or to be connected with a designated California long term care insurance specialist call the organization at 818-597-3227 or visit their website http://www.aaltci.org/long-term-care-insurance.