Trending...
- California: Governor Newsom, Superintendent Thurmond announce over $618 million to support another 458 community schools
- $4.3 Million Patent Application Waiver Fee Granted by FDA on New Drug Application Fee for Treatment Addressing Suicidal Depression & PTSD: NRX Pharma
- xREnergy up as much as +3,094,634% on first day listed on the XRP Ledger. Ticker : $XRE
LOS ANGELES - Californer -- Costs for long-term care insurance in show little change from the prior year according to the annual price index released today by the American Association for Long-Term Care Insurance (AALTCI).
"Premiums for buyers are virtually identical to last year; some are actually slightly lower," reports Jesse Slome, director of the organization. "However, the spread between the lowest and highest prices for basically identical policy coverage has grown."
According to the annual analysis, a 55-year-old male purchasing $165,000 of immediate benefits could expect to pay $900 a year. In 2022, the organization reported premium costs of $950. This year, adding an inflation growth option that increased available benefit levels by 3 percent yearly would cost $2,100, a $100 decline from the prior year. "The additional cost reflects the fact that policy benefits will be worth over $400,000 at age 85 and even more if care is needed after that," Slome explains.
More on The Californer
Women continue to pay significantly more for long-term care insurance. "Costs for a 55-year-old female applicant purchasing the same level of benefits would be $1,500 and $3,600," Slome shares. A year earlier the premiums reported in the analysis were $1,500 and $3,700 respectively.
The 2023 Long-Term Care Insurance Price Index reports available costs for men, women and couples at ages 55, 60 and 65. "We strive to show that there isn't one fixed option and that coverage can be less costly than many people perceive," Slome adds. "We show multiple levels of inflation protection which, while important, will significantly add to the yearly cost of coverage."
Adding a 3 percent inflation growth option to base coverage tends to double the premium cost according to AALTCI. "It will be interesting to see how consumers now deal with concerns about future inflation," Slome says.
The most notable difference from prior reports is the spread in costs between the lowest and highest priced policies on the market. "In some cases, one insurer literally charges more than twice the cost of another for virtually identical coverage," Slome reports. "I am not sure what accounts for such a significant difference but it reinforces our belief that in 2023 consumer should do comparison shopping before making a decision."
More on The Californer
To see the 2023 Long-Term Care Insurance Price Index information for traditional LTCi policies, go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php. The organization will add comparisons for linked benefit policies later this month.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning. Since 1998 AALTCI has supported insurance professionals who market both traditional and hybrid long-term care solutions. To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.
"Premiums for buyers are virtually identical to last year; some are actually slightly lower," reports Jesse Slome, director of the organization. "However, the spread between the lowest and highest prices for basically identical policy coverage has grown."
According to the annual analysis, a 55-year-old male purchasing $165,000 of immediate benefits could expect to pay $900 a year. In 2022, the organization reported premium costs of $950. This year, adding an inflation growth option that increased available benefit levels by 3 percent yearly would cost $2,100, a $100 decline from the prior year. "The additional cost reflects the fact that policy benefits will be worth over $400,000 at age 85 and even more if care is needed after that," Slome explains.
More on The Californer
- Poll Finds Overwhelming Opposition to Keeping Big Cats as Pets
- SM Telecom Expands AT&T Partnership to Deliver Cutting-Edge 5G+ Wireless Solutions New Collab Brings AT&T's Advanced 5G+ Technology to Cellphone
- Governor Newsom proclaims Older Californians Month
- Groundbreaking Launches 154-Acre Los Cerritos Wetlands Restoration in Long Beach – Single Largest Increase in Open Space in Long Beach in Decades
- Don Barnhart Drops Unapologetically Hilarious Comedy Special "You Do You," On Open Bar Network
Women continue to pay significantly more for long-term care insurance. "Costs for a 55-year-old female applicant purchasing the same level of benefits would be $1,500 and $3,600," Slome shares. A year earlier the premiums reported in the analysis were $1,500 and $3,700 respectively.
The 2023 Long-Term Care Insurance Price Index reports available costs for men, women and couples at ages 55, 60 and 65. "We strive to show that there isn't one fixed option and that coverage can be less costly than many people perceive," Slome adds. "We show multiple levels of inflation protection which, while important, will significantly add to the yearly cost of coverage."
Adding a 3 percent inflation growth option to base coverage tends to double the premium cost according to AALTCI. "It will be interesting to see how consumers now deal with concerns about future inflation," Slome says.
The most notable difference from prior reports is the spread in costs between the lowest and highest priced policies on the market. "In some cases, one insurer literally charges more than twice the cost of another for virtually identical coverage," Slome reports. "I am not sure what accounts for such a significant difference but it reinforces our belief that in 2023 consumer should do comparison shopping before making a decision."
More on The Californer
- Cygnet Theatre Announces The Cast and Creative Team of Rodgers and Hammerstein's Oklahoma!
- Shon Garage Door Repair Expands Trusted Services to San Diego, CA
- Nicky Dare Honors Indonesian Heritage at VAPI–Valley Asian and Pacific Islanders Cultural Festival
- California launches new AI-powered chatbot that provides wildfire resources in 70 languages
- Summit Startup Solutions Launches Innovative, Flexible Support Services for Startups
To see the 2023 Long-Term Care Insurance Price Index information for traditional LTCi policies, go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php. The organization will add comparisons for linked benefit policies later this month.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning. Since 1998 AALTCI has supported insurance professionals who market both traditional and hybrid long-term care solutions. To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.
Source: AALTCI
0 Comments
Latest on The Californer
- California: Governor Newsom issues statement on Pope Leo XIV, the first American Pope
- New poll shows high rates of employee burnout amid concerns over politics and personal finances
- Tessellations Appoints Luthern Williams as Head of School
- Aureli Construction Sets the Standard for Seamless Home Additions in Greater Boston
- Psychological Thriller "Killing Off Connor" To Open 34th IFS Film Fest After 12-years In Post
- Harvest Properties Acquires Two San Francisco Bay Area Self Storage Facilities for $44.2 Million
- California businesses in near-universal compliance with prohibition of intoxicating hemp products harmful to youth
- California: Governor Newsom announces upgrades to 21 state fish hatcheries to boost salmon populations
- Solaris Energy Infrastructure, Inc. (SEI) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit
- Risk Rater, Threat Assessment App, gives Users the Same Threat Evaluation as the Rich and Powerful
- Is it Really True That Tariffs Will Raise Car Insurance Rates?
- ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
- Coastal Business Systems Wraps Up Successful 2025 Tech Show in Redding
- AdOcto Turns AirBnBs Into High-Impact Advertising Channels
- Zefr Announces Launch of Pre-Screen Brand Safety Solution for Google's Search Partner Network (SPN)
- Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa
- Adster Techologies awarded US Patent for breakthrough innovation in reducing latency in Ad Serving
- Flexi-View Lending Closes $5.05 Million Residential Acquisition Loan in Billings, Montana
- Robert Fabbio Inducted into the Austin Technology Council Hall of Fame
- California: Governor Newsom, Superintendent Thurmond announce over $618 million to support another 458 community schools