Some of the newly introduced long-term care insurance policies offer features and options that provide significant benefit and potential cost savings for consumers.

"Long-term care insurance policies continue to add consumer friendly features that benefit individuals," declares Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   "The new options and choices give consumers greater choice and flexibility as well as more affordable options to meet different budgets and lifestyles."

"Our newest policy was designed with the claimant in mind and will provide advanced payment for facility care and a cash benefit for hospice care, two valuable benefits new to the long-term care insurance market," reports Bill Naylon, President of MedAmerica Insurance Company a leading provider of long-term care insurance protection.  MedAmerica announced plans to roll out its newest policy offering new benefit features later this year.

"Innovative long-term care insurance benefits like these mean policyholders won't have to always advance money for care and wait to be reimbursed, especially at a time when families have many other stressful financial issues to address," cites Slome.  "Thanks to continual policy improvements, the many new and improved long-term care insurance policies sold today are nothing like the policies sold 10 and 20 years ago."

Some of the newer policies offer greater flexibility when selecting present and future benefit amounts, as well as cost-reducing options.  "Smart investors periodically review their investments and adjust when it makes sense," Slome shares.  "Some of today's newer long-term care insurance policies also offer flexible planning options that are worth looking at."   The best time to explore your options is when in your 50s and 60s.

Policy provisions and pricing can vary significantly from one insurance carrier to the next.  According to AALTCI's 2015 Long-Term Care Insurance Price Index, costs for comparable coverage can vary by as much as 120 percent.  "Your benefits are governed by the policy, which can be up to 50 pages long, and that's what makes it so important to work with a long-term care insurance professional who stays abreast of the latest policy innovations and changes," Slome suggests.

To learn more and to receive a long-term care insurance cost comparison, visit AALTCI's website or call 818-597-3227.  Consumers can read six guides previously published in Kiplinger's Personal Finance magazine at www.aaltci.org/guides.