The Covid experience is going to make people very aware of their health vulnerability and that presents insurance agents with an opportunity. Covid has changed how people view their health and more individuals will be interested in understanding how to plan for future risks, explains Jesse Slome, director of the American Association for Long-Term Care Insurance as well as the American Association for Medicare Supplement Insurance. Insurance agents are already gearing up because many will be in the forefront of educating millions of consumers.
The Association director noted that the Covid experience provides significant opportunities for agents who market to seniors.   It s clear that Covid seriously impacted older individuals, killing as many as 100,000 within skilled nursing homes and assisted living communities. Slome notes. Aging and the associated risk of needing care won t change, but where people want to be cared for in the future will.
The estimated lifetime risk for Alzheimer s dementia at age 45 was approximately one in five for women and one in 10 for men according to the American Association for Long-Term Care Insurance (AALTCI). The risks for both sexes rise slightly at age 65. By 2050, the number of Americans age 65 and older with Alzheimer s dementia may grow to 13.8 million., explains Jesse Slome, director of the long-term care insurance organization. This represents a steep increase from the estimated 5.8 million Americans age 65 and older who have Alzheimer s dementia today.
The Association director was sharing the latest information with specialists who market long-term care insurance protection.   The percentage of people with Alzheimer s dementia increases dramatically with age, he adds. According to Slome, some three percent of people age 65-74 have Alzheimer s dementia. The percentage rises to 17 for th
Costs for new long-term care insurance policies have increased by 42.5 percent compared to five years ago according to the American Association for Long-Term Care Insurance (AALTCI). The are reasons why the increase is so dramatic and there are also smart ways for consumers to save significantly on this important coverage, explains Jesse Slome, director of the long-term care insurance organization.
According to the Association s 2015 Long-Term Care Insurance Price Index, a 60-year old couple could expect to pay around $3,930 annually for a typical policy. We reported costs for a policy that provides each spouse with an initial benefit of $165,000 growing to $335,000 when they reach age 85, Slome notes. The typical individual with long-term care insurance generally begins to need care in their 80s or later.
During the just concluded Medicare Annual Election Period (AEP) a significant percentage of insurance agents worked long days and weekends reports the American Association for Medicare Supplement Insurance (AAMSI). "Agents worked long days and most worked weekends," states Jesse Slome, AAMSI's director. The organization polled nearly 1,000 Medicare Supplement insurance
A significant percentage of older individuals who applied for long-term care insurance were declined coverage by the insurance company according to the latest data. Individuals mistakenly believe they can purchase long-term care insurance at any age and without regard to existing health issues, explains Jesse Slome, director of the American Association for Long-Term Care Insurance. That is simply not the case. Your health, your height and weight and medications prescribed all are taken into account by the insurance company.
According to an analysis of applicants for traditional long-term care insurance in 2019, decline rates ranged from 19.4 percent for individuals applying between ages 40 to 49 to 53.6 percent after age 75.