Saturday, October 27, 2012

Hybrid Long Term Care Insurance Companies To Debate At Association Summit


Long term care insurance hybrid product info at www.aaltci.org
Executives from four leading companies offering hybrid life insurance policies offering long term care insurance benefits will debate the merits of their company's specific offering at the nation's largest gathering of insurance sales professionals focused on this field.

"Sales of life insurance policies which pay a long term care benefit are increasing but insurance professionals are confused as to the pros and cons of each particular product," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  A 90-minute debate featuring four of the nation's leading companies offering these products will be featured at upcoming National Long Term Care Insurance Summit.  The conference is the premier industry gathering and takes place November 10-12, 2012 in Las Vegas, Nevada.

According to Slome, the four companies represented will be Lincoln Financial Group, OneAmerica, Genworth Financial and Security Mutual Life which markets a rider to their life policies.  "A number of new insurers are starting to offer life insurance products offering accelerated long term care benefits such as Pacific Life," according to Slome.  "We believe when insurance professionals can stack up the respective pros and cons of each product they will be better able to educate their clients and help them make better decisions."

Over 550 insurance professionals, members of the trade group are registered to attend the event which features some 30 different sessions as well as keynote addresses from Knight Kiplinger, editor in chief of Kiplinger's Personal Finance magazine and Jesse Slome who will discuss a 'new and improved" long term care insurance plan of protection.

To learn more about the 2012 long term care insurance sales conference call the organization’s offices at (818) 597-3227 or visit the Association’s website.

Thursday, October 18, 2012

Long Term Care Insurance Increased Tax Deduction Limits Announced


The Internal Revenue Service (IRS) announced increased deductibility levels for individuals purchasing long term care insurance policies purchased in 2013.  
     
"For taxable years beginning in 2013, the limitations have been increased," explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI), the industry's trade association.  “Tax advantaged long term care insurance remains one of the few remaining significant tax-savings benefits especially meaningful for small business owners."

The deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are based on the taxpayers attained age before the close of the taxable year.  For those age 40 or less, the maximum deduction is $360 an increase from the 2012 amount ($350).  The maximum amount that may be deducted by an individual who is more than age 70 is $4,550, an increase from $4,370 in the prior year.

"The federal government and a growing number of states are offering deductions and in some cases even credits to encourage individuals to plan for the eventual need of costly long-term care," Slome explains.

According to the just released IRS Revenue Procedure 2012, the deductible limits range from a low of $360 to as much as $4,550 per individual.  "The deductions are especially meaningful at older ages when it is likely a couple will have lower income and potentially other medical expenses necessary to meet minimum thresholds," Slome explains.  "That said, people must buy long-term care insurance when they can still health qualify.  Tax deductions are a meaningful added plus to the potential of not having to depend on family members or spend your retirement income for care."
     
For calendar year 2013, the per-diem limitation under Section 7702B(d)(4) for periodic payments received under a qualified long-term care insurance contract is $320 (the 2012 limit was $310).
     
Established in 1998, the American Association for Long-Term Care Insurance is the national association focused on creating heighten consumer awareness regarding the importance of planning and serving insurance and financial professionals who provide long-term care financing solutions.  A complete explanation of long term care insurance tax deduction limits and rules for individuals and business owners can be found on the Association's website.

Tuesday, October 16, 2012

Long Term Care Insurance Association Kicks Off Membership Campaign


A national drive to educate thousands of insurance professionals about the importance of long term care insurance planning for their clients along with a membership drive will be launched.

“America faces a long term care tsunami as millions of people live into their 80s, 90s and even past 100 and very few have done any planning," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  The trade group, founded in 1998, is the leading organization supporting insurance professionals who market long term care insurance solutions.

"The past few years have witnessed many significant changes in the long term care planning landscape and our goal is to help bring people up-to-date with what's taking place and what they need to do to build more successful practices," Slome explains.

The national association will be conducting extensive producer education throughout the month of November including the holding of the national Long Term Care Insurance Producers Summit in Las Vegas.  "The Summit is the industry's largest national long term care insurance conference exclusively for insurance agents who market and sell solutions with over 500 attendees," Slome notes.

The Association will conduct a national membership drive as well.  "We provide exclusive benefits for members designed to help them generate more prospects and sales," Slome notes.  The Association maintains the nation's largest Long Term Care Insurance Online Learning Marketing Sales Center consisting of nearly 1090 training audios, marketing material that can be personalized and used by agents to get more long term care insurance leads and sales.  Membership in the organization is $98 per-year.

Established in 1998 as a non-profit trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance.  To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.

Monday, October 1, 2012

Long Term Care Insurance Rates Account For 2013 Change


The impact of the changing reserve requirements for long term care insurance has generally already been taken into account and isn’t expected to create further rate increases starting next year according to Jesse Slome, executive director of the American Association for Long-Term Care Insurance.

“We’ve had several recent calls from consumers after being told by a financial planner that rates for insurance would ‘increase significantly’ in 2013,” Slome explains.  “The new discount rate will have minimal impact on long term care insurance and in many cases has already been taken into account by insurers.”

According to Slome, the ‘valuation discount rate’ used for calculating statutory reserves or capital requirements for long term care insurance is dropping from 4 percent to 3.5 percent for new business starting in 2013.  “The rate is tied to Treasury yields based on a complicated formula,” Slome notes.  “It automatically updates when new money rates change over a period of time.”

Five-year Treasury rates are at historic lows (0.62%) and 10-year yields are at 1.59 percent as of September 4, 2012.  “By comparison, both five and 10-year rates were 4.68 percent on January 1, 2007 and 2.65 percent and 4.60 percent as recently as January 4, 2010.

“Low interest rates have been the primary cause of increasing rates for long term care insurance and have impacted other insurance lines including fixed annuities as well as life and disability insurance,” Slome states.  “To compensate for every one percent decline in interest rates which equates to lower investment income, an insurer needs a 10-to-15 percent increase in premiums.   The drop in just the past two years has had an enormous impact.”

The Association reports that the changing reserve requirements that take effect January 1st are designed to provide added protection to policyholders.  “The half percent drop in reserve rates will have a nominal impact on premiums,” Slome.  “The impact depends on a policy’s duration but is in the two-to-five percent range.”

The American Association for Long Term Care Insurance was established in 1998 to advocate for the importance of planning for long term care and to support insurance and financial professionals who market LTC insurance.  To learn more about long term care insurancecosts call the organization’s offices at (818) 597-3227 or visit the Association’s website.

Thursday, September 27, 2012

New Report Lauded By Long Term Care Insurance Industry Executive


The executive director of the American Association for Long-Term Care Insurance cited a new report that called further attention to the sever economic strain America’s aging population will place on federal programs such as Medicare and Social Security.

According to the report by the National Research Council and funded by the U.S. Treasury, there are options that can help the nation avoid what others call a very grim reality.  “As a nation we need to act sooner rather than kicking the can further down the road,” declares Jesse Slome, executive director of the nation’s long term care insurance industry trade group.  “Waiting will only make the matter worse and the cure that much more severe, and yet we seem to be willing to bury our heads and avoid what expert after expert predicts.”

The report notes that the aging of the American population will pose continuing economic challenges for the country for decades to come.  According to the report, the ratio of adults aged 65 and over compared with people aged 20 to 64 will increase by 80 percent in the coming decades.

Experts explain that the shift is partly the result of increases in average life expectancy which has risen from 47 years in 1900 to 78 years today.  According to Slome, life expectancy continues to grow and is projected to be 84.5 years by the year 2050.

“America is rapidly becoming an aged nation without a plan for dealing with the needs of our people and their families,” Slome concurs.  “Declining birth rates among younger people means a smaller proportion of the population will be under 65.”

The report mandated by Congress notes that while some people have saved amply for retirement, between one-fifth and two-thirds of today's seniors have not saved enough, leaving them to rely heavily on Medicare and Social Security -- programs that, along with Medicaid, now account for about 40 percent of all federal spending.

Medicare, Medicaid and Social Security account for roughly 40 percent of all federal spending and 10 percent of the nation's gross domestic product according to the authors of the report.   The report outlines strategies including increasing the retirement age beyond the currently accepted age of 65 years.   A second strategy called for workers to increase their savings in order to have more resources when they retire.

“We’ve called on both Presidential candidates to address the long term care problem facing aging Americans,” Slome notes.  “We believe tax incentives are a way to get more people to pay attention and to plan.  We praise the authors of this report and Congress for requesting the study but it’s time to take action, talking will not fix this problem.”

The American Association for Long Term Care Insurance was established in 1998 to advocate for the importance of planning for long term care and to support insurance and financial professionals who market solutions. To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.

Tuesday, September 4, 2012

Long Term Care Insurance Difficult To Get After Age 80


According to the U.S. Department of Health and Human Services some 5.5 million Americans were age 85 or older in 2010 with the number expected to grow to 6.6 million in 2020.

“Americans are living long lives but few have prepared for the consequences that come with living into your 80s, 90s and even past age 100,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the industry trade group.  “When it comes to retirement planning, people get they can’t start preparing and saving for a comfortable retirement at age 60.  But, this is really the first generation to face the reality of living long lives and few have done any preparation for the consequences.”

The nation’s long term care insurance expert notes that after age 80 purchasing long term care insurance can be a daunting, almost impossible task.  “The major insurers have ceased offering coverage to those over age 80 because few people would agree to pay the premiums and even fewer could meet the health qualifications,” Slome explains.  “It is no different than trying to buy home owners insurance after your house has burned down.  You can’t get it.”

Several smaller insurers continue to offer long term care insurance policies to those over age 80.  “You can expect to pay $1,000 or more a month for coverage but considering you may be looking to get over $165,000 in benefits, that’s a considerable value,” Slome explains.  “But even those willing to pay this amount generally can not meet the health qualifications.”

“Long term care insurance is only available to those individuals who can health qualify,” Slome adds.  “This is done so to avoid having those who are in good health subsidizing rates for those who are in poorer health and are the ones most likely to begin claims sooner.”  Slome advises that the ‘sweet spot’ for looking into this protection is between ages 52 and 64.  “Do it before you qualify for Medicare and have access to preventative health screens that may uncover conditions which make it impossible for you to obtain long term care insurance or to pay higher premiums,” Slome concludes.

The organization maintains the nation’s most comprehensive website containing the latest data from Association conducted studies of buyers and claimants with long term care.  To learn more or to connect with one of the Association’s staff for long term care insurance costs, call the organization’s offices at (818) 597-3227 or visit the Association’s website.

Wednesday, August 29, 2012

Long Term Care Insurance Expert Shares Savings Tip


Roughly eight million American adults relocate to a new state and millions more have residences in two states; both situations that could reduce the cost for long term care insurance according to an expert.

“Rates for identical long term care insurance coverage can vary by 10 percent or more depending on where you reside,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance one of the nation’s leading long termcare insurance experts.  Slome was answering a question for a Tennessee resident planning an imminent move to New York.

“A comparison of costs for a plan providing roughly $165,000 of coverage found that he would pay roughly 13 percent less if he waited to apply in New York,” Slome advised.  “We explained he needed to speak with a knowledgeable expert licensed in both states so he could learn of any important considerations.”

According to the Association while most insurance professionals are licensed only in the State where they do business a growing number of long term care insurance professionals who specialize in the product are available in multiple states.  “A growing number of specialists will consult with people over the phone, something which many prefer compared to an in-home appointment with an insurance agent,” Slome adds.

The Association compared rates for three leading insurers offering policies in multiple states.  “The cost for coverage from one company was about $910-per-year for a 55 year old living in New York but $1,035 for identical coverage for someone in Tennessee,” Slome notes.  “Insurance companies today tend to require some proof of residency,” he adds, “for example, they will base coverage on the state issuing your driver’s license.”

To connect with one of the Association’s professional members who are licensed in multiple states and able to provide free no-obligation long term careinsurance comparisons quotes and information on the topic all the organization’s national headquarters at (818) 597-3227 or visit the Association’s website.

Thursday, August 2, 2012

Long Term Care Insurance Growth Anticipated As HSAs Gain Acceptance


A new report estimates that Health Savings Accounts (HSAs) have grown to over $14 billion in assets and the number of HSA accounts has increased to nearly 7.1 million.

“It takes a while for any new tax favored benefit to gain acceptance,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “As more people have balances in their HSAs, we anticipate that more will use the funds to pay for long termcare insurance.”

According to data researched by Devenir an investment firm that specializes in providing investment options for HSAs, the average account balance for the first half of 2012 grew to $1,996 an approximately 10 percent increase over the prior year.  “Few people are aware that long term care insurance premiums may be paid from a Health Savings Account up to the IRS limits set each year,” Slome one of the nation’s leading long term care insurance experts explains.

For 2012 the Internal Revenue Service has established a limit of $350 for an individual age 40 or less and $660 for someone who is more than 40 but not more than 50.  “The average age when individuals start buying long term care insurance is mid 50s according to Slome one of the nation's leading long term care insurance experts.  “At younger ages the costs are lower and using a tax-advantaged HSA account to pay for some or all of the coverage is a tax-smart planning idea,” Slome acknowledged.

The Association notes that in recent years more small and mid-sized businesses have been offering long term care insurance to their employees on a voluntary basis.  “I’ll bet few know they can have employees use their HSAs to pay for this benefit,” Slome notes.  “But over time awareness will grow as will the number of people taking advantage of this protection.”  The growth of long term care insurance sales to small businesses is attributed to special tax incentives now being offered as well as access to discounts and some health underwriting concessions that vary from one insurer to another.

For more information, connect with a member of the American Association for Long-Term Care Insurance.  The organization serves the public by educating Americans about the importance of planning for the risk of needing long term care.  For additional information on long term care insurance costs or to connect with a specialist member of the Association call (818) 597-3227 or visit the organization’s website.

Sunday, July 29, 2012

Expert Shares Ways To Lower Long Term Care Insurance Costs


Many people have the mistaken impression that long term care insurance is costly declares one of the nation’s top experts in the field.  They simply are not aware of the simple techniques used by most consumers today to make the cost affordable.

“It’s smart to partially self insure,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, the national organization that advocates for long term care.  “Using some your own money to pay for needed care is a way many people plan as a way to save on premiums.”   In this way you have a plan in place that will cover a portion of your care, at a smaller up front cost.

The longterm care insurance expert recommends consumers looking to save adjust the Elimination Period, or the waiting period from the point of claim until the policy begins to pay out benefits.  “Most people have a deductible for their car or health insurance,” Slome says.  “Most people today choose a 90-day deductible according to Slome.

According to Slome, most people are unaware that they will save by being in good health
when they apply for long term care insurance coverage.   Maintaining a healthy weight, having regular doctor visits and a good history and can significantly save on your policy.  “Best of all, once an insurer approves you for the good health discount, you never lose it,” Slome adds.

Be certain to ask the insurance professional what other discounts you may qualify for and be aware that they can vary from one insurer to another.  For example, Slome points out that you no longer need to be married or even live in the same household to receive discounts with family members or domestic partners.   A copy may offer a discount when you apply at the same time with another member of your family even if you live across the country.  Another insurer extends discounts to life partners as well as same sex couples.   “These discounts vary,” Slome acknowledges, “so it really pays to work with a knowledgeable long term care insurance specialist who has access to policies from multiple companies.”

The American Association for Long-Term Care Insurance is headquartered in Westlake Village, part of Los Angeles California, and serves the public by educating Americans about the importance of planning for the risk of needing long term care.

For additional information on long term care insurance costs or to connect with a specialist member of the Association call (818) 597-3227 or visit the organization’s website.

Friday, July 20, 2012

Long Term Care Insurance Video Addresses Essential Consumer Questions


The failure of healthcare reform to address the likely risk of needing costly long term care has driven an increasing number of consumers to seek other alternatives. 

“Obamacare dropped the planned long term care insurance program,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “Neither political party seems to have any desire to address the approaching tsunami of aging Americans that are going to need care.”

As a result, the organization has stepped up its consumer awareness and educational efforts.  “First, individuals need to understand the issue they face and the real choices they have,” Slome explains.  “We educated a generation that dependence on company pension plans was no longer a viable option and that saving for retirement through a 401k or IRA plan was smart and necessary.  Now we need to do the same for long term care.”

The Association director acknowledges that they are many misconceptions regarding long term health care insurance.    “Most people don’t even know when to start planning or how to begin the process of thinking about their options.   To assist consumers the organization has just posted several new educational videos.  The newest video just added to the organization’s online library is called Long Term Care Insurance 101 addresses why individuals should be interested.  “We want people to understand the important basics before they begin even considering next steps,” Slome says.

Members of the national association are offering free education and no-obligation long term care insurance costs for policies from leading insurance companies.  “We have members in all 50 states committed to helping individuals,” Slome explains.  “If someone between the ages of 50 and 65 is interested, they will take the time needed to explain how this insurance works and, if there is interest, to prepare free cost quotes.”

For additional information or to hear from a member of the Association call the organization’s national headquarters in Los Angeles at (818) 597-3227 or visit their website www.aaltci.org where consumers can also access a variety of free online consumer information guides.

Tuesday, July 10, 2012

Long Term Care Insurance Association Adds To Consumer Video Library


One of the most frequent questions pertaining to long term care insurance is the best age to apply.  To address that question, the American Association for Long-Term Care Insurance has added new videos to the organization’s Consumer Learning Center.

“We receive hundreds of inquiries each month from individuals confused about when to apply for this protection,” explains Jesse Slome, executive director of the Association.  “They hear wait until after retirement or start when you are 40.  It’s no wonder that people are confused and miss a most important fact about when to start the process.”

The Association created two new videos to help address important questions often raised by callers and those visiting the Association’s website.  “We just don’t have enough time to spend with each person answering their questions, so we attempt to address them all with short educational videos that are accessed via the Association’s website,” Slome notes.  According to Association data, the organization’s website gets as many as 45,000 visitors monthly seeking information.

The first of the two just-added videos focuses on the best age to apply for coverage with statistics from the organization’s 2012 Long Term care Insurance Sourcebook. 

A second consumer video focuses on tips and techniques consumers can utilize to obtain the best long term care insurance coverage for the most affordable premium.  “You only buy this protection once so you had better do it correctly,” Slome adds.  “Our mission is focused on bringing real, current and relevant information to consumers.  An educated consumer is a long term care insurance professional’s best prospect.”

The two videos can be viewed online.  The following are the links to the programs.


Tuesday, April 24, 2012

Linked Long Term Care Insurance Attracting Younger Buyers


To protect against the risk of needing costly long-term care an increasing number of national insurance companies are offering protection that combines life insurance with potential long term care insurance benefits.   According to the 2012 Buyer Study conducted by the American Association for Long-Term Care Insurance, these linked benefit (also called “combination”) products are gaining favor with individuals in their 40s and 50s.

The Association’s annual study of leading insurers found that 53 percent of buyers of these hybrid policies were under age 65 in 2011 compared to only 48 percent in 2010.   Some 42.5 percent of male and 38.5 percent of female buyers were between ages 55 and 64 explains Jesse Slome, director of the national trade group.  Nearly one in 10 buyers was between 45 and 54.
          
 “A linked benefit policy has advantages that many pre-retirement consumers find attractive,” Slome notes.  Policies can fund expenses when qualifying long-term care is needed at home or in a skilled care facility.  Some linked, or hybrid products, allow unused benefits to pass to named beneficiaries income tax-free.  “At a time when long-term care is increasingly top of mind, these life insurance-based solutions avoid the ‘use it or lose it’ risk associated with traditional long term care insurance,” says Chris Coudret, CLU, ChFC, Vice President, OneAmerica one of the nation’s leading insurers offering linked benefit solutions.  “In most cases, people make a single payment, effectively removing the risk of future premium increases.”
          
 The AALTCI study reported sales for the participating linked benefit insurers increased 14 percent in 2011 and the premium increased almost 20 percent.  To learn more or obtain long term care insurance costs from an Association member call (818) 597-3227 or visit the organization’s website www.aaltci.org.
            
Established in 1998, AALTCI is the national trade organization established to create heightened awareness regarding the importance of planning for long term care.  To access or read three free consumer guides outlining ways to reduce costs for long-term care insurance visit the Association website http://www.aaltci.org/long-term-care-insurance-costs/

Monday, April 23, 2012

Largest long term care insurance claims

The largest open long-term care insurance claim has reached $1.7 million in paid benefits, according to a just-released report from the American Association for Long-Term Care Insurance (www.AALTCI.org). The claimant, a woman, purchased coverage at age 43, paying an annual premium of $881. Three years later her long term care insurance claim began and has continued for almost 15 years. [Note: Payment of policy premiums ceases when an individual is receiving policy benefits.]

"Insurers paid some $6.6 billion in benefits to roughly 200,000 individuals last year,” explains Jesse Slome, Executive Director of the industry trade group that compiled the data from 10 leading long term care insurers. "Long-term care insurance claims can last for years and amount to hundreds of thousands of dollars.”

The association annually collects data on claims including the largest open claims (still being paid as of December 31, 2011). The second largest claim still open is for a male who purchased his long-term care insurance policy paying an annual premium of $3,374. Three years later his claim began and has continued for just over six years ($1. 2 million in benefits has already been paid for his care).

“Long-term care insurance is not the lottery,” Slome says. “A policy holder who paid $3,000 in premiums and received benefits exceeding $1.5 million is not a winner. But having this protection in place can certainly pay off and for thousands of Americans it increasingly is." According to the Association, just over 8 million Americans currently have some form of long-term care insurance protection in place.

One in 10 (10.4%) of new individual claims initiated during 2011 began before the claimant was age 70 the study revealed. "While most long-term care insurance claims begin at older ages, typically in ones late 70s or 80s, accidents and illnesses are also a common reason younger people need this care for extended periods," Slome notes. The five most common reasons for a long-term care insurance claim, according to the Association, are Alzheimer's disease, stroke, arthritis, circulatory issues or injury."

Largest "Open" Long-Term Care Insurance Claims As Of December 31, 2011
Data from leading national long-term care insurance providers.
Credit: American Association for Long Term CareInsurance.

COMPANY A: Largest open claim: $1.7 million
Female -- purchased insurance at age 43
Length of Claim: 14 years, 9 months
Insurance Policy Premium: $881-per-year
Time from Policy Purchase to Claim Inception: 3 years 0 months

COMPANY A: Largest open claim: $1.2 million
Male -- purchased insurance at age 45
Length of Claim: 6 years, 1 month
Insurance Policy Premium: $3,374-per-year
Time from Policy Purchase to Claim Inception: 3 years 10 months

COMPANY B: Largest open claim: $1.12 million
Female – purchased insurance at age 56
Length of Claim: 12 years, 5 months
Insurance Policy Premium: $4,520-per-year
Time from Policy Purchase to Claim Inception: 0 years 3 months


Thursday, April 12, 2012

Long Term Care Insurance E-Brochures Launched


The first generic long term care insurance e-brochures designed to support insurance agents prospecting and sales efforts have been created by the American Association for Long-Term Care Insurance. 

“So much prospecting and selling is being done over the phone and Internet that insurance agents need generic, educational tools to provide prospects and clients,” explains Jesse Slome, AALTCI’s executive director.  The new e-brochures are personalized with the agent’s name, contact information and photo.  “Personalized material is so important in terms of making a lasting impression to the long term care insurance prospect,” Slome adds.

The Association’s first two e-brochures deal with timely topic and are updated versions of the Association’s highly used print brochures.  “One explains simple ways to reduce the cost of long-term care insurance,” Slome notes.  “Consumers today are very price conscious and producers are having great success breaking through the misperception that long-term care insurance is expensive.”

The second focuses on long term care planning for women.  “Women are typically the decision influencers and there are millions of adult women living alone who should be interested in the subject,” Slome says.

Over 2.5 million long term care insurance print brochures have been distributed by the Association since it was established in 1998.  “There still is a great need for printed material,” Slome acknowledges, “but we live in a digital age of instant communication so e-brochures that can be personalized will grow in usage and acceptance.”
           
The American Association for Long-Term Care Insurance is the national trade organization exclusively focused on creating heightened consumer awareness and supporting insurance professionals who market long-term care solutions.


Thursday, January 19, 2012

Long Term Care Insurance State Tax Deduction Guide Published


Long term care insurance premiums may be fully tax deductible for individuals and a growing number of states now offer deductions and even tax credits to those purchasing this important coverage.

According to the American Association for Long Term Care Insurance, the national trade organization, tax deductibility gives individuals and business owners one very important reason to consider ways to address future long term care needs.

“Americans are living well into their 80s, 90s and even longer when the likelihood of needing extremely costly long term care services is almost a guarantee,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group charged with creating awareness for long term care related issues.  “The  federal and state governments recognizes this and offers the tax incentives to encourage more people to plan.”

Individuals may be able to deduct long term care insurance premiums paid from their 2011 federal income taxes.  The federal levels are based on your age, Slome notes, ranging from $340 to $4,240 per-person and increase for new policies purchased in 2012.    Individuals face certain limitations that are not imposed on self-employed or corporations.  “These entities may able to make the full cost tax deductible,” Slome adds.

In addition to federal tax deductibility limits, a growing number of states now offer either tax deductions or tax credits to encourage state residents to purchase long-term care insurance.
The American Association for Long-Term Care Insurance has just published a state-by-state listing of available tax deductions on the organization’s website at www.aaltci.org/tax.

To learn more about long-term care planning and get long-term care insurance costs from a designated expert visit the American Association for Long Term Care Insurance Information Center.

Tuesday, January 3, 2012

Long Term Care Insurance Association Opens 2012 Sales Achievement Awards


The Long Term Care Insurance Sales Achievement Awards is now open for entries effective  January 1, 2012. 

The yearly award based on 2011 sales is organized by the American Association for Long-Term Care Insurance (AALTCI), the national trade organization.  The 2011 award ranked producers from all states broken down into categories including individual LTC insurance, multilife long term care as well as sales of asset-based annuity and life insurance products offering long term care benefits.

The awards are designed to recognize and celebrate outstanding achievements by long term care insurance producers working to educate and help protect Americans.  “From those producers just starting out to the many seasoned specialists, there’s no more passionate and hard-working group of professionals than those selling long-term care insurance protection,” explains Jesse Slome, AALTCI’s executive director.

A special “Rookie of the Year” category now recognizes those producers who first started selling in 2011.   A key component of the awards program is the State-by-State ranking.  “This gives 50 agents the opportunity to show that they are number 1 in their particular state,” Slome explains.  “That’s certainly a powerful marketing tool and these leaders are often called on to teach others and share their knowledge.”

Online applications are available at www.aaltci.org/awards.  The closing date for free entries is February 29.

Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization that supports insurance professionals as well as conducts awareness programs to educate American adults about the importance of long-term care planning.