Consumers make common mistakes when investigating the purchase of long term care insurance according to a leading industry expert.

According to Jesse Slome executive director of the American Association for Long Term Care Insurance the mistakes can be quite costly for individuals. The director of the long term care insurance industry trade group will be speaking this week to consumers.

"This is the first generation of Americans facing the impact of living a very long life and really the first to be looking at long term care insurance in large numbers," explains Slome. "Add to that the fact that long term care insurance can be quite a complicated product with many moving parts."

Slome identified key mistakes consumers make including not seeking price comparisons, not shopping their health and not comparing employer or group offerings with individual coverage.

"You can pay 40-to-60 percent more for virtually identical coverage," Slome reports. Each insurer sets their own price for long term care insurance and some agents are only able to offer you products from their insurance company. "By contrast, a broker can shop the market and compare rates for leading insurers to make certain to get the best price."

Insurers also set acceptable health standards and those with existing health conditions or who take common medications should not risk being declined coverage until having a sense they will be accepted. "We refer to it as shopping your health," Slome says, "and anyone over 55 generally has some health conditions that could prove costly when applying for this coverage."

Slome also advised consumers being offered coverage through their employer or as a benefit of belonging to an association to comparison shop. "You are really only going to buy long term care insurance once so it really pays to take a little time to do your homework. You might find it is the best deal or by taking advantage of discounts and features not available, you could get better coverage for less money."

The American Association for Long-Term Care Insurance has several thousand members nationwide available to help individuals. Those with questions or wishing to connect with a designated long term care insurance expert can call the Association's offices at (818) 597-3227. The organization also makes available educational guides at www.aaltci.org/long-term-care-insurance-costs/ which can be read with no sign-in requirements.