Approximately 325,000 new long-term care insurance policies were sold in 2009 and currently, about eight million Americans own this protection, according to Jesse Slome, executive director of Los Angeles-based American Association for Long-term Care Insurance (AALTCI). Yet there are several impediments to the sale of long-term care insurance, Slome says, not least the fact that consumers are paying far greater attention to cost as a result of the state of the economy.
“Consumers are asking two very important questions that we wanted to address: The first is ‘Do I really need this protection’ and the second is ‘How much do I need to buy?’” Slome says.
To answer those questions and many others, the AALTCI has published a new consumer guide to long-term care insurance protection. The eight-page booklet provides insights into the duration of long-term care insurance claims based on a study conducted for the organization by Milliman, Inc.
“The guide directly answers [consumers'] questions with straightforward information,” Slome says. “It provides highly relevant information explained in a very simple and basic manner so that consumers will ‘get it.’”