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.  

More Seniors Surviving Cancer Adds To Long-Term Care Crisis

Over the next decade there will be a dramatic rise in the number of people over the age of 65 either living with cancer or with a history of the disease according to a new study.

According to an analysis of US cancer data, the greying of the baby boomer generation is at the root of the issue.  "Americans are already living longer lives and that will create a long-term care tsunami in the years to come," explains Jesse Slome, executive director of the Los Angeles-based American Association for Long-Term Care Insurance.  "Because long-term care insurance can only be purchased when you can medically qualify, the tsunami will wreak havoc on family savings and state Medicaid welfare budgets."

National Cancer Institute (NCI) researchers found the number of people over age 65 with cancer will rise by about 42% in the next decade.  Cancer is largely a disease of aging, the researchers noted. 

The scientists analyzed data the revealed that in 1971, the number of people in the US who had survived cancer was about 3 million.   By 2008, the figure had risen to nearly 12 million.  In 2008, the proportion of cancer survivors aged 65 and over was 60% and is set to reach 63% by 2020.

The most commonly diagnosed cancers among survivors were: female breast cancer (22% of diagnoses), prostate cancer (20%), and colorectal cancer (9%).

The high rate of survival among this population is most likely due to improved detection and screening.

In contrast, the percentage of lung cancer survivors is only 3%, despite it being by far the most frequently diagnosed cancer in both men and women.

"When you live a long life and now are even more likely to survive diseases like cancer, you are increasingly likely to need costly long term care, states Slome.   "With more Americans living into their 80s and beyond, having a long term care plan in place is more important than ever."

Financial planning experts note that most people wait too long to consider their options because the right time to plan is prior to turning age 65 before medical conditions like cancer, high blood pressure are diagnosed or become problematic.  "The sweet spot for long term care insurance is between ages 52 and 64," Slome adds.

For more information on long term care insurance, visit the Association's Consumer Information center where you can also access long term care insurance companies ratings.

Long Term care Insurance Expert Reports Low Vitamin B12 Linked To Cognitive Decline In Elderly

Older individuals who have low levels of vitamin B12 in their blood have a greater risk of brain shrinkage, losing cognitive skills and greater risk of needing long term health care.

"The number of U.S. adults aged 65 years and older is projected to nearly double over the next two decades," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, the national trade organization.  "As a result, the incidence of cognitive issues especially Alzheimer's disease and other dementias is also expected to rise as will the need for costly long term care."

According to Chicago researchers foods rich in vitamin B12 include those derived from animals and include, eggs, milk, liver, meat, and fish.  Vitamin B12 plays a key role in normal nervous system functioning and brain development. It is also involved in the formation of red blood cells.

Scientists undertook a study of individuals aged at least 65 years. They underwent blood tests to check for B12 and B12-related metabolites levels. They were also assessed for memory and other cognitive skills. Some five years later magnetic resonance imaging scans of their brains were taken to measure comparative brain size and to identify other signs of brain damage.

Those with four of five markers for vitamin B12 deficiency were found to have a higher risk of getting lower cognitive test scores and smaller total brain volumes.  The National Institute of Aging funded the study.

Vitamin B12 plays a key role in normal nervous system functioning and brain development. It is also involved in the formation of red blood cells.

Planning experts advise those seeking to learn more about long-term care planning and get long-term care insurance cost contact a designated expert via the Association's Consumer Information Center at http://www.aaltci.org/long-term-care-insurance/free-quote/.  They point out that the best ages to look into this protection is prior to age 65 when health issues can make it harder or more costly to medically qualify for coverage.

Women Aged Over 85 Have Higher Prevalence Of Arthritis And Joint Pain

A new study finds that the lifetime prevalence of arthritis is 65.4% in individuals aged 85, with women impacted more than men.

According to Jesse Slome, executive director of the American Association for Long Term Care Insurance, while arthritis is strongly connected with age, few investigations have studied how the oldest individuals (those aged 85+ years) are affected by the disease.

The study looked at over 1,000 individuals aged 85 years old and revealed that for any arthritis the lifetime prevalence was high, with 65.4% of the participants having arthritis.  According to Slome, the researchers discovered that the disease was more common in women than men: 69.1% vs 58.8%.

Osteoarthritis the researchers found was most prevalent in the knee joint followed by the hip and hand. A percentage of those participating in the study identified the knee as the most painful joint, even though the foot, ankle and lower back received the highest pain score. With the exception of the shoulder and foot, for all joints women reported a higher average pain score.

The study was published today in the journal Age and Ageing.  According to AALTCI, arthritis is the fourth leading cause of long term care insurance claims for nursing home care, following Alzheimer's, nervous system conditions and stroke.

"With more Americans living into their 80s and beyond, having a long term care plan in place is more important than ever," declares Slome.  "Most people wait too long to consider their options because the right time to plan is prior to turning age 65."

For more information on long term care insurance, visit the Association's Consumer Information center that can be accessed at http://www.aaltci.org/long-term-care-insurance/.

Just 15 Minutes Of Exercise Increases Life Expectency By Three Years

New research reports that just 15 minutes of daily physical activity can reduce your risk of death by 14 percent and increase your life expectancy by three years.

The current generally accepted recommendations call for adults to do at least 150 minutes, or a total of 2.5 hours, of physical activity weekly.

Researchers releasing the findings of their new study found that doing even less than that, only a quarter-hour of daily exercise or about 105 minutes a week still provides benefits.

The study included more than 390,000 residents of  Taiwan.  Researchers followed these individuals for an average of eight years and, based on self-reported amounts of weekly exercise, placed them into five categories.

People in the low-activity group, the scientists explained, exercised for an average of 92 minutes per week, or just under 15 minutes a day.   Compared to those categorized as being in the inactive group, individuals who did almost no physical activity, those in the low-activity group were 14 percent less likely to die from any cause, 10 percent less likely to die of cancer, and had a three-year longer life expectancy, on average.

Every additional 15 minutes of daily exercise beyond the minimum 15 minutes further reduced the risk of all-cause death by 4 percent and the risk of cancer death by 1 percent.

"The research is welcome news for millions of Americans who would benefit from even a minimum amount of exercise," suggests Jesse Slome, executive director of the American Association for Long-Term Care Insurance http://www.aaltci.org.  "Death from heart disease, diabetes and cancer could be reduced and lifespans can be lengthened, though this means people will need to plan for living a long life."

The American Association for Long-Term Care Insurance  http://www.aaltci.org is the national trade organization focused on educating individuals about the importance of long-term care planning.  The Association's Consumer Information Center was voted the #1 source for information by consumer interest group rating and can be accessed at http://www.aaltci.org/long-term-care-insurance.