New Long Term Care Insurance Survey Suggests Premiums Not as High as Public Perceives

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panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 0 0 0 1 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:””; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”; mso-ascii-font-family:Cambria; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Cambria; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Cambria; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline; text-underline:single;} a:visited, span.MsoHyperlinkFollowed {mso-style-noshow:yes; color:purple; text-decoration:underline; text-underline:single;} @page Section1 {size:8.5in 11.0in; margin:.3in .6in .3in .6in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} –> [embed_youtube/style> [embed_youtube!–[if gte mso 10]> [embed_youtubestyle> /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”; mso-ascii-font-family:Cambria; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:”Times New Roman”; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Cambria; mso-hansi-theme-font:minor-latin;} [embed_youtube/style> [embed_youtube![endif]–> [embed_youtube!–StartFragment–>[embed_youtubespan style=”font-size:100%;”>[embed_youtubespan style=”font-family:arial;”>Over a third (35.4%) of individuals who recently-purchased long-term care insurance protection pay less than $1,499-per-year according to a new report issued by the [embed_youtube/span>[embed_youtubea style=”font-family: arial;” href=”http://www.aaltci.org/”>American Association for Long-Term Care Insurance[embed_youtube/a>[embed_youtubespan style=”font-family:arial;”>.[embed_youtube/span>[embed_youtube/span>[embed_youtubespan style=”;font-family:arial;font-size:100%;” > [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>[embed_youtubespan style=”font-family:arial;”>Among buyers under age 61, 43.5 percent pay less than $1,499 annually, whereas 73.6 percent of buyers between ages 61 and 75 pay $1,500 or more.[embed_youtube/span>[embed_youtube/span>[embed_youtubespan style=”;font-family:arial;font-size:100%;” > [embed_youtubebr /> [embed_youtubebr />[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>[embed_youtubespan style=”font-family:arial;”>The organization analyzed data on some 93,500 new long-term care insurance buyers.[embed_youtube/span>[embed_youtube/span>[embed_youtubespan style=”;font-family:arial;font-size:100%;” > [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>[embed_youtubespan style=”font-family:arial;”>Among buyers under age 61, over one-fourth (28.1%) paid less than $999-per-year.[embed_youtube/span>[embed_youtube/span>[embed_youtubespan style=”;font-family:arial;font-size:100%;” > [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>[embed_youtubespan style=”font-family:arial;”>Fewer than one in 10 (9.3%) pay $3,500 or more annually the report notes.[embed_youtube/span> [embed_youtube/span> [embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”> [embed_youtubebr />[embed_youtube/span>[embed_youtube/p>[embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”>Age at the time of application plays an important role in determining the cost for long-term care insurance the Association study reports.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>While 41.5 percent of buyers under age 61 pay between $500 and $1,499-per-year, only 20.8 percent of buyers who are ages 61-to-75 pay within this range.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtubebr />[embed_youtube/span>[embed_youtube/p>[embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”> [embed_youtubebr />[embed_youtube/span>[embed_youtube/p>[embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”> The Association fsuggests the following tips that can help you significantly reduce the cost of insurance coverage. [embed_youtubebr /> [embed_youtubebr />1.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Leverage Your Good Health:[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Insurers will require you meet certain health qualifications to obtain coverage.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Discounts are provided to those in good health and 62 percent of applicants between ages 40-49 qualified in 2009.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>The percentage drops to 46% for ages 50-59 and only 38% for ages 60-69.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Once obtained, the preferred health discount is not lost when your health changes.[embed_youtube/span>[embed_youtube/p>[embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”> [embed_youtubebr />[embed_youtube/span>[embed_youtube/p> [embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”>[embed_youtubeo:p> [embed_youtube/o:p>[embed_youtube/span>[embed_youtube/p> [embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”>2.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Right-Size Your Coverage:[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Some long-term care insurance is always better than none.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Factor in other sources of income such as Social Security, pension and 401k plans that can pay costs and allow you to add money-saving options such as a 90-day deductible (Elimination Period) or consider a limited-pay plan with a Shared Care option that allows two spouses to share a common benefit pool. [embed_youtubebr /> [embed_youtubebr />3.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Compare Coverage:[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Each insurer establishes it’s own rates, health standards and available discounts.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>As a result, virtually equal protection from two highly-rated insurers can vary by between 30 and 80 percent.[embed_youtube/span>[embed_youtubespan style=”font-size:100%;”> [embed_youtube/span>[embed_youtubespan style=”font-size:100%;”>Ask your insurance professional if they have access to policies from just one or from multiple insurers.[embed_youtube/span>[embed_youtube/p>[embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”> [embed_youtubebr />[embed_youtube/span>[embed_youtube/p> [embed_youtubep class=”MsoNormal” style=”font-family:arial;”>[embed_youtubespan style=”font-size:100%;”>[embed_youtubeo:p> [embed_youtube/o:p>[embed_youtube/span>[embed_youtube/p>[embed_youtubespan style=”font-size:100%;”>[embed_youtubespan style=”font-family:arial;”>I have to say that I was surprised by this report as my own research into buying coverage for myself suggests that I would pay well more and I am someone who is in good health. [embed_youtubebr />[embed_youtube/span> [embed_youtubespan style=”font-family:arial;”> [embed_youtubebr />So as always do your homework. Remember that this report is issued by an association that wants to promote the sale of this insurance. That said I am in favor of it because at the end of the day we are each going to be responsible for many of these costs in the future. The current financing of long term care is unsustainable.[embed_youtube/span>[embed_youtube/span> [embed_youtubebr />[embed_youtube!–EndFragment–> [embed_youtube!–EndFragment–>