Los Angeles, (April 14, 2016) - Income is a driving force impacting longevity reports a new study released by the Urban Institute.  The findings reinforce the importance of long-term care insurance planning for middle-income and more affluent Americans shares the head of the American Association for Long-Term Care Insurance.

"If you live a long life, the likelihood of needing long-term care services increases exponentially," declares Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).   "Wealthier Americans have lower rates of heart disease, diabetes, stroke and other chronic conditions which is good news but also means they are destined to live long lives and face a real risk of needing care sometimes for months and sometimes for years."

According to Slome, Americans in the higher income groups can expect to live six years longer than their poorer counterparts.  Social Security Administration reports reveal that at age 65, retirees are living longer.  "Those with earnings in the top half of the U.S. population have seen their life expectancy increase by more than six years ," Slome acknowledged.  "Those in the bottom half have only seen an increase of just over one year."

The study points out an important message Slome urges insurance and financial professionals to share with their clients.  Speaking to leading agents endorsed by the organization, the national long term care insurance export shared, "having wealth means you are more likely to live a long life but most have absolutely no plan in place to deal with the consequences and the financial costs," Slome shared.

"Unfortunately, far too many retirees wait to long to even think about a plan,," Slome added.  "At that point their options are limited."  He noted that most long-term care insurance policies stop accepting applicants at age 75 and that meeting health qualification requirements after age 70 can be difficult.  "There are options available for short term care insurance where policies are available into your 80s and health requirements can be easier to meet," he adds.

The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance and financial professionals who market long term care insurance solutions.  Slome is also head of the National Advisory Center for Short-Term Care Information, established in 2015 to create awareness for the benefits offered by short-term care insurance products.