Linux Containers Authors: Zakia Bouachraoui, Yeshim Deniz, Elizabeth White, Liz McMillan, Pat Romanski

News Feed Item

Long Term Care Insurance Savings Depend on Asking the Right Questions

Four Questions Can Cut Your Long Term Care Insurance Cost, Advises the American Association for Long Term Care Insurance

LOS ANGELES, CA -- (Marketwired) -- 11/21/14 -- Asking questions is the simplest and most effective way of learning. Yet few people ask the right questions when it comes to long term care insurance planning?

"It's a new area and people are afraid they'll look ignorant and unsure when in fact asking the right questions can save you money and give you the assurance that you are working with an expert interested in your best interests," explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group.

The author of a dozen leading consumer guides all focused on retirement and long-term care planning shares questions consumers should ask. "There are questions you want to ask yourself as you start planning and questions to ask the insurance or financial professionals you chose to ultimately work with," Slome advises.

Slome advises beginning the process by asking, am I (or we) willing to accept some of the financial risk should a need for extended care arise? "Having insurance to pay some, say half of the cost, makes sense today and will reduce your insurance premiums," Slome explains. "People overlook the fact that they'll be receiving Social Security benefits and likely have investments today that will grow and can be used along with insurance benefits."

According to AALTCI data, a 65-year old purchasing coverage that will pay each spouse $8,000 in monthly benefits at age 80 could save 38 percent having coverage that pays $5,000-per-month with any necessary balance paid from their savings. "The 'all or nothing' approach to long-term care planning isn't one I'd recommend today unless you can afford it," Slome adds.

Another money-savings tip involves choosing long-term care insurance protection that allows you to increase your coverage in future years. "You secure a lower cost now and lock in your good health so you can add more coverage in future years," Slome advises. "If you are willing to examine your long term care plan periodically just the way you track your investments, definitely consider this option." Ask if the option is available because not all companies offer this feature he notes.

A couple both age 55 purchasing coverage where benefits grow one-percent annually with a future buy-up option will pay about $190-per-month for roughly $300,000 of benefits at age 85. "The 'one and done' approach where you select a 3% annual increase will cost about $325 monthly or 21 percent more.

Questions To Ask Your Long-Term Care Insurance Agent

"Don't let the small print become the big print, is a caution I like to share with consumers," Slome notes. "It's the small contractual print contained in your policy that matters when it's time to make a claim for benefits. Long-term care insurance policies are typically 40-to-50 pages and chances are you won't know how to interpret the various terms and definitions but an experienced professional will."

"Insurance companies do not sell policies directly to consumers so visiting their websites will merely get you a call from someone who likely favors their particular policy," Slome shares. "If you walk into a Ford dealership, don't expect the salesman to tell you the advantages of buying a Toyota or Honda."

Asking questions to determine the experience and expertise of the insurance agent or financial professional you are working with can benefit you in the long run, he adds. Two questions to ask include, how many years has the agent been selling long-term care insurance and how many insurance companies are they appointed with.

"Appointed is industry jargon that simply means the agent can sell that company's policy and earn a commission for doing so," Slome shares. "Policy pricing, options and features and even the health requirements vary so significantly today, you'll benefit from working with someone who puts your interests first and theirs second."

For no-cost advice or to compare long term care insurance costs and policies, connect with a designated specialist by calling the American Association for Long Term Care Insurance at (818) 597-3227 or visit the organization's website for information.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2725191

Contact information:
Jesse Slome
American Association for Long-Term Care Insurance
Email Contact
(818) 597-3227

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
CloudEXPO | DevOpsSUMMIT | DXWorldEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that Big Data Federation to Exhibit at the 22nd International CloudEXPO, colocated with DevOpsSUMMIT and DXWorldEXPO, November 12-13, 2018 in New York City. Big Data Federation, Inc. develops and applies artificial intelligence to predict financial and economic events that matter. The company uncovers patterns and precise drivers of performance and outcomes with the aid of machine-learning algorithms, big data, and fundamental analysis. Their products are deployed...
All in Mobile is a place where we continually maximize their impact by fostering understanding, empathy, insights, creativity and joy. They believe that a truly useful and desirable mobile app doesn't need the brightest idea or the most advanced technology. A great product begins with understanding people. It's easy to think that customers will love your app, but can you justify it? They make sure your final app is something that users truly want and need. The only way to do this is by ...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cell networks have the advantage of long-range communications, reaching an estimated 90% of the world. But cell networks such as 2G, 3G and LTE consume lots of power and were designed for connecting people. They are not optimized for low- or battery-powered devices or for IoT applications with infrequently transmitted data. Cell IoT modules that support narrow-band IoT and 4G cell networks will enable cell connectivity, device management, and app enablement for low-power wide-area network IoT. B...
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...