Florida Has Most Medicare Supplement Insurance Policies

Nearly 10 million Americans have Medicare Supplement insurance, also commonly called Medigap insurance according to a report that analyzed the top 10 states. 

Nearly 570,000 Florida residents have the coverage, according to Jesse Slome, executive director of the American Association for Medicare Supplement Insurance an organization established to create awareness.  Pennsylvania ranked second with just over 612,000 residents having the protection.

“Medicare has four parts and while it covers an enormous amount of the potential cost of health care, it does not cover everything which is why many people opt for additional private Medicare supplement insurance coverage,” Slome explains.  “Insurers offer a variety of plans that provide individuals with enormous flexibility.”

According to the Association’s analysis, the top 10 states with the most policyholders are:
Florida (655,741)
Pennsylvania (612,073)
Texas (568,168)
North Carolina (374,160)
Michigan (364,831)
Ohio (354,918)
New York (354,777)
New Jersey (350,603)
California (338,502)
Indiana (292,832)

There are 12 standardized Medicare Supplemental insurance plans - A through L.  Medicare Supplement is often also called Medigap.  Each plan has different benefits. Plan A has the fewest and is the least expensive. Plan J has the most and is the most expensive.

It is important to note that all 12 Medicare Supplemental insurance plans are not available in every state.   In addition, Massachusetts, Minnesota and Wisconsin have their own plans (each with different names).  But the state-specific plan benefits are similar to the "national" plans.

The American Association for Medicare Supplement Insurance and the American Association for Long Term Care Insurance were established to advocate for the importance of planning and to support insurance and financial professionals who market Medigap insurance.  To learn more about and obtain Medicare Supplement insurance costs call the organization’s offices at (818) 597-3205 or visit the Association’s website.

Long Term Care Insurance Association Extends Consumer Awareness Campaign

The latest extension of the national campaign to heighten awareness of the importance for long-term care insurance planning focuses on smart and affordable ways to plan in the “new economy”.
          

The special insert appears in the current issue of Kiplinger’s Personal Finance magazine according to Jesse Slome, executive director of the American Association for Long Term CareInsurance responsible for the Fresh Perspectives on Long-Term Care Planning awareness campaign.
          

“We must recognize that we live, work and sell in a new economy and that doing things the same old way simply won’t generate desired results,” declares Slome.  “It is vital to educate consumers that taking advantage of alternate policy design strategies can make this important protection far more affordable than many people think.”
          

One million Americans will see issues of the national personal finance magazine during August and September according to Slome.  “We believe a campaign focused on those individuals who are most likely to actually plan for long term care is a far more effective use of limited dollars,” Slome a leading long term care insurance expert explains.  With support of leading long term care insurers the Association has been placing a series of consumer education inserts into leading publications.  “Each insert has a highly targeted message designed to educate and generate interest in learning more about LTC insurance,” Slome adds.  Reprints of the inserts have been made available by supporting insurers.
          

The current insert suggests consumers consider leaving off traditional inflation protection.  “The old five percent compound inflation standard makes coverage more costly than many are willing to spend,” Slome notes.  “Our belief is that some coverage is always better than none and if selecting a different option or purchasing a higher daily benefit and foregoing inflation protection may make sense for some consumers.”

           

The Association plans to run one additional consumer insert during November’s Long Term Care Awareness month.

Cheap E & O Insurance Program Launched

A new low-cost E and O insurance plan for life and health insurance agents has been launched this week by the American Association for Critical Illness Insurance (AACII).

“Open enrollment for the just launched E&O program begins this week,” states Jesse Slome, executive director of the trade organization that sponsors the program.  “We are making cheap E&O coverage available to agents in all 50 states who can successfully answer eight simple online questions,” Slome explains.   The association’s sponsored E&O product provides a $1 million limit of liability for each claim with a $1,000 deductible per-claim.

“A special provision of the program makes coverage available for new insurance agents,” Slome adds.  The plan has available options for insurance agencies and their staff members.    “Unlike other organizations which require agents to pay an additional annual membership fee amounting to hundreds of dollars, we are continuing to offer free membership to insurance agents and brokers who wish to learn more about marketing and selling critical illness protection,” Slome declares.

Open enrollment for the AACII group policy has started with premiums for the full year of coverage starting at $515.   “An agent can sign up now as the new program commences or they can sign-up at any point for coverage and will pay the pro-rated premium which can be as low as $103,” Slome explains.  The program offers instant online approval and certificates are immediately available.  “The cheap E&O provider even accepts credit card payments, ideal for those who like to accumulate points,” Slome adds.

For additional information call the Association at (818) 597-3205 or visit their website www.criticalillnessinsuranceinfo.org/eo for complete information and the online E&O application and certificate.

New Form Of Long Term Care Insurance Attracting Younger Buyers

The sale of asset-based long-term care insurance protection continued to grow significantly according to research by the American Association for Long-Term Care Insurance the national trade organization.   According to data gathered from leading long term care insurance providers, premium increased nearly 20 percent and the number of covered lives increased 13.5 percent.

           

"We expect the sale of asset based or linked LTC products will continue to grow as they offer some highly attractive benefits to a category of buyers looking to protect their retirement savings," states Jesse Slome, AALTCI's director.  "The growth of sales will only continue as more large players enter the marketplace.”  Pacific Life recently introduced a universal life insurance policy that provides long-term care benefits.
           

According to the Association's annual study of new policy sales, more than half (53%) of male buyers were under age 65.  In the prior year’s study, only 48 percent were under age 65.  The percentage of women buyers under age 65 also increased to 50 percent, up from 44 percent in the prior year.
           

"We are seeing two market conditions fueling growth,” Slome explains.  “Younger buys facing a long time horizon before needing care favor the money-back provision of these policies and older buyers are being priced out of the market for traditional long-term care insurance making this a more attractive option.”   “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.”

           

For 2011, the Association study found that the initial single premium face amount of policies purchased was $100,000 or greater for nearly three-quarters (73%) of new policies.  In addition, the vast majority (96%) of new Life+LTC policies issued did not include a benefit increase option that bumped up available benefits to keep pace with inflationary growth of costs.  By comparison, the Association's study of traditional individual long-term care insurance policy sales, found that in 2011 some 96 percent included a growth option.

           

The complete findings will be published in the Association's 2012 Long-Term Care Insurance Sourcebook.  Founded in 1998, the AALTCI is the national trade organization established to educate both consumers and financial professionals about the importance of long-term care planning.

Connecticut Long Term Care Insurance Partnership Information Website Launched

A consumer educational website focused on the Connecticut Long Term Care Insurance Partnership program has been launched by the American Association for Long-Term Care Insurance (AALTCI) the national trade group focused on creating heightened awareness of the importance of long term care planning.

According to Jesse Slome, executive director of AALTCI, the Partnership programs provide some very unique asset protection benefits designed to encourage more middle income individuals to undertake long term care planning.

Connecticut was one of the four original states to offer the special Long Term Care Partnership program, Slome explains.  New York, California and Indiana were the other three original states launched in the early 1990s.

“The Partnership program was originally made possible by grants from the Robert Woods Johnson Foundation with the specific goal of making affordable long term care insurance protection available and attractive to as many individuals as possible,” Slome adds.

Connecticut residents are eligible for the program that can only be offered by approved insurers and licensed professionals who take part in special training.  The Association will be working closely with designated professionals to help consumers seeking information as well as cost proposals for this important protection.

The web address for the new website is http://www.connecticutpartnershiponly.com and provides the latest information on the program.   AALTCI recently posted a website for New York residents interested in partnership information.  The New York Long Term Care Partnership website provides New York residents with meaningful information.

Established in 1998, the American Association for Long Term Care Insurance is the national organization created to educate consumers about the importance of long term care planning and to support insurance professionals who market these products.

Long Term Care Insurance Sales Awards Open

The Long Term Care Insurance Sales Achievement Awards will be open for entries on 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 those 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.