Long Term Care Insurance Claims Over $7.5 Billion in 2014 According to Report

Total long term care insurance benefit payments increased by five percent from $7.5 Billion paid the prior year according to a report published by the American Association for Long Term Care Insurance, a national trade group.

Feb 24, 2015 … The American Association for Long Term Care Insurance (AALTCI) announced in press reports today that the nation’s Long Term Care Insurance companies paid a record $7.85 billion in claim benefits in 2014 according to a just-released report.

“Total Long Term Care insurance benefit payments increased by five percent from $7.5 Billion paid the prior year,” reports Jesse Slome, director of the AALTCI, the national trade group. The organization reported that insurers paid $6.6 billion in 2012.

“More and more people have Long Term Care Insurance policies and more people are using the benefits from these plans. Long Term Care Insurance has become an important way for people to protect their retirements and these numbers show this fact. This is why affordable Long Term Care Insurance has become an important part of a family’s retirement plan, “said Matt McCann, a nationally recognized specialist in Long Term Health Care.

“Americans are living longer and the consequence is more people needing Long Term Care,” Slome explains. “Contrary to what most people think, the vast majority of Long Term Care insurance pays for care in the home or in assisted living communities, not in skilled nursing homes,” Slome said

Slome added that according to AALTCI research, half of all newly opened Long Term Care insurance claims paid for care in the home.

“Consider Long Term Care as nursing home avoidance protection,” Slome said.

McCann says these numbers reflect the need to have a plan which addresses the physical, emotional and financial burdens Long Term Health Care places on loved ones. He notes that some people think health insurance or Medicare (which is health insurance for those 65 and older) will pay for this type of care. McCann notes that this is not the case.

“Today’s adult, who is trying to save money for their own retirement in their 401k’s and IRA’s, is seeing how their older parents are being impacted by the expenses of Long Term Care. Generally, health insurance and Medicare pay only a handful of days of skilled care. Most Long Term Health Care is custodial in nature, not skilled. This means a majority of the cost comes out-of-pocket unless you have a Long Term Care insurance policy,” McCann explained.

“People underestimate life expectancy,” Slome declares, “Few adults in their 50s or 60s are prepared for the financial consequences of their longevity. Longevity planning is especially important today for both married couples as well as single men and women.”

“You really can’t start your retirement savings plan at age 60 and you can’t start your long-term care planning after age 70 because you won’t have as many options,” Slome advises.

He points out that insurance companies today will take a close look at your health history prior to offering you coverage.

“The guarantee of insurance that we hear about with health care coverage (“Obamacare”) does not pertain to Long Term Care insurance,” Slome points out.

McCann suggests planning should happen well before you are age 65.

“Most of the people I speak with are 45 to 65 years-old. They discover that Long Term Care Insurance is very affordable especially if they work with a true specialist who understands how these plans work and get used at the time of claim.  This is part of their retirement plan so they can protect their 401k’s, IRA’s and other assets, “McCann said.

McCann notes the US Department of Health and Human Services says that if you reach the age of 65 you will have a 70% chance of requiring some form of Long Term Health Care before you pass.

Consumers can research available options by going to the AALTCI website at www.aaltci.org or McCann’s website at http://www.mccannltc.net

Matt McCann is recognized as a leading Long Term Health Care (LTC) specialist. Since 1998, Matt has been a national leader in finding solutions for the physical, emotional and financial burdens LTC places on American Families. He has been recognized by the American Association for Long Term Care Insurance as one of the top specialists in the country.

Matt Omaha TV edit 2015

Watch video for www.radioltc.com: click here for video.

Read about Matt McCann in the Chicago Tribune, just click here.

#longtermcare #retirement #AALTCI

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About Matt McCann

Matt McCann is recognized as a leading Long Term Health Care (LTC) specialist. Since 1998, Matt has been a national leader in finding solutions for the physical, emotional and financial burdens LTC places on American Families. He has been recognized by the American Association for Long Term Care Insurance as one of the top specialists in the country. In 2015 he was listed among the top ten specialists in LTC planning in the nation. He has also worked in sales management for two of the leading organizations marketing LTC products. He served as Director of Business Development for ACSIA LTC and Senior Vice President/Sales for LTC Financial Partners. Many of his agents have been among the top LTC specialists in the industry. Matt's divisions have also led in an innovative webinar approach which allows agents to use screen sharing software so prospects can see the agent's desktop. Matt's proven areas of success include sales coaching, training and motivation in additional to being an experienced LTC specialist. He has produced results in total production, placement rates and lead efficiency. Matt is known for years of experience leading creative efforts for agent meetings and sales promotions which drove results for both agents and consumers. He is now focused on helping consumers find affordable solutions so they can protect their assets and never be a burden on family and loved ones. He specializes in LTCi, Critical Care and Asset Protection products. Matt also coaches individual agents throughout the country helping them improve their processes to help more consumers. Matt is also known as an effective public speaker on LTCi and LTC issues as well as sales motivation. He appears on radio and TV programs and is available for bookings. Because of his schedule an advance notice is always requested. Prior to dedicating his life to LTC, Matt was a well known radio station manager and personality, He worked at radio stations throughout the country He may be best known for as legendary Chicago radio personality Larry Lujack's co-host when Lujack came back out of retirement years ago. Matt can be contacted by email at http://mccannltc.net/ or by phone at 866-751-7957. You can follow Matt on Twitter: @mccannltc - https://twitter.com/mccannltc
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