I am so pleased to announce the launching of the new website created for the National Advisory Center for Short-Term Care Information. Our goal is simple, to put short-term care insurance on the map in the U.S. so that more consumers are aware of this product as a very viable alternative for those seeking to do some long-term care planning.
The new website will contain important information for consumers including a free short-term care insurance quote form. Phase one of the website is completed. Phase two will be a comprehensive Agent Center. This will provide what agents need to successfully market and sell short-term care insurance policies to their clients and prospects.
We cordially invite you to visit the website now.
Sunday, May 15, 2016
Saturday, October 27, 2012
Hybrid Long Term Care Insurance Companies To Debate At Association Summit
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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."
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.
"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.
“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 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.
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.
“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.
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