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Long Term Care Insurance Prices Drop For Men, Rise Slightly

A healthy 55-year-old man can expect to pay 15 percent less for long term care insurance coverage compared to last year.

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Long Term Care Insurance Prices Drop For Men, Rise Slightly

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  1. Long Term Care Insurance Prices Drop For Men, Rise Slightly For Couples A healthy 55-year-old man can expect to pay 15 percent less for long term care insurance coverage compared to last year. Los Angeles, January 14, 2014 -A healthy 55-year-old man can expect to pay 15 percent less for long term care insurance coverage compared to last year. A married couple, both age-60, faces aseven percent increase according to a just-published report. "Costs have risen slightly for couples, increased more significantly for single women but haveactually decreased for men reports Jesse Slome, director of the American Association forLong-Term Care Insurance (AALTCI) a national trade group. According to the AALTCI 2014 Long-Term Care Insurance Price Index, the average cost for a 55-year-old male purchasing $164,000 of long-term care insurance protection is $925 a year. Equalcoverage for a single woman costs $1,225. Leading insurers began charging women higherpremiums in 2013. "Women account for two-thirds of the $6.6 billion in claims paid by insurerslast year," Slome acknowledged. A 60-year old couple each purchasing $164,000 of current protection that will grow to $730,000combined when both reach age 80, will pay an average of $3,840 yearly, a three percent increaseover the prior year's average. "Adding an inflation growth option builds your benefits over timebut it can double the base cost of coverage," Slome adds. "Insurers offer a variety of discounts and options that can enable an individual to reduce the costof protection," explains Tracy Russo, Partner at The National LTC Education Center. "Todaythere are more choices available for consumers to protect against the very real risk of needingcare." Russo notes that it's best to plan in your mid-40s to mid-60s. According to AALTCI, costs for policy coverage vary significantly from one insurer to the next. "Thetypical difference is around 80 percent but in certain cases one insurer charged 109 percent morethan another industry leader," states Nicole Marchand, LTC Case Design Specialist at HTAFinancial Services, a leading Long-Term Care Insurance Brokerage firm headquartered in WestChester, PA. "We can no longer assume which carriers will offer the most favorable rates. Weresearch every carrier for each client to provide the best solution at a reasonable price." Individuals interested in learning more or seeking long term care insurance costs can contactthe American Association for Long Term Care Insurance by calling 818-597-3227 or visit theorganization's website www.aaltci.org to read free consumer tips or call HTA Financial at 888-430-6650. Contact: Jesse SlomeAALTCI 3835 E. Thousand Oaks Blvd. Suite 336Westlake Village, CA 91362 818-597-3227 jslome@aaltci.org

  2. http://www.aaltci.org ###

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