Association Addresses Long Term Care Insurance Fallacious Facts

LOS ANGELES - Aug. 29, 2013 - PRLog -- Los Angeles; August 29, 2013 - A significant number of news and online reports addressing long term care insurance reference fallacious information that does not serve consumers or the industry says the director of the American Association for Long-Term Care Insurance.

"It is important for consumers to understand the importance of their need to address the very real risk of needing long term care but misleading or deceptive information is in no one's best interest," declares Jesse Slome, executive director of the national long term care insurance industry trade group (Website: http://www.aaltci.org).  Slome was sharing insights with professionals who market long term care insurance.

"I keep a rogues' gallery of misleading information that repeatedly appears in news articles," Slome shared with the group.   "They may all be true but often they have zero relevance to long term care insurance and linking the two together is not appropriate way to appropriately educate the public."  Slome shared three fallacious facts:

"It's common to read that 40 percent of those needing long term care are under age 65," Slome says.  "This is a government statistic which includes everyone born with birth defects and severe disabilities, mental issues and other issues.  There is no relevance to long-term care insurance which requires applicants must health qualify for insurance coverage."

"People start buying long term care insurance in their 50s to address the real risks of needing care as a result of aging, dementia or conditions that generally start after age 70," Slome explained.  "Of course, accidents and disabling diseases can begin at younger ages but not to the degree the 40 percent statistic implies."

"A second fallacy is that one needs to protect the full cost of care by showing large scary numbers," Slome says.  "You see reports that say three years in a nursing home will cost $200,000 and that may be true but most people buy long term care insurance to receive care at home.  Those costs can be far more affordable and every article neglects to mention you should use some of your savings to pay some of the costs."

According to the long term care insurance expert, over two-thirds of new claims begin with home care.  "You're likely to receive 'wake up - tuck in' services for a few hours which can be fully covered by a modest long term care insurance policy," Slome adds.  "And, don't overlook retirement income including Social Security which can be used to pay some of the cost augmented by your insurance."

Slome noted that many articles overstate the cost of long term care insurance.  "Reporters tend to talk to the same small group of experts, often those who have wealthy clientele or they quote industry averages which mislead many into thinking coverage is expensive," Slome concluded.  "It can be if you are older, if you have health conditions or if you buy a Cadillac policy.  But it does not have to be and half of all buyers pay less than the average, some significantly less."

Working with an experienced long term care insurance professional is advantageous because both costs and policy provisions vary significantly.  "We define a specialist as someone who has helped 100 or more people get long term care insurance," Slome explained.  "A consumer can pick who they work with but those we speak with share that specialists provide them with far greater information relevant to their situation and typically better choices for options."

For additional information or to request long term care insurance costs and information connect with a designated long term care insurance specialist who is a member of the Association by calling the organization at 818-597-3227 or visiting their website at http://www.aaltci.org/long-term-care-insurance.