The American Association for Long-Term Care Insurance (AALTCI) has added marketing tools for use promoting National Long-Term Care Awareness Month (November).
"The number of people in need of long term support services (LTSS) in the United States is already at 14 million and expected to grow to 27 million by 2050," explains Jesse Slome, director of the American Association for Long-Term Care Insurance. "Awareness Month was created and recognized early on by the U.S. Congress as the need for awareness of the issue has never been higher."
According to data by AALTCI, average out-of-pocket costs are $140,000 for those individuals who utilize paid long-term support services (LTSS). "Roughly 17 percent will spend over $100,000 and almost nine percent will spend over $250,000," Slome affirms.
By 2040, the total prevalence of Alzheimer's disease and related dementias in the United States is expected to approximately double from 7.2 million to nearly 13 million, with 8.5 million women and 4.5 million men expected to develop dementia.
To help create awareness, the organization, which originally founded the Awareness Month initiative, has posted a number of tools. They can be accessed online at https://www.aaltci.org/about/long-term-care-awareness-month-2020.php
"Long-term care insurance is one of the planning options available to individuals," Slome points out. Some 7.5 million currently have some form of this insurance coverage. "The long-term care insurance industry paid out $11 billion in benefits to some 310,000 individuals with insurance protection in 2019. That number will increase each year as the current number of policyholders grow older and, as a result, are more likely to begin their claim." the expert added.
The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance professionals who market long-term care insurance. To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at www.aaltci.org.
Jesse Slome is director of the American Association for Critical Illness Insurance. He also directs the American Association for Long-Term Care Insurance. Visit their website to get long-term care insurance quotes. To find local Medicare insurance agents visit the American Association for Medicare Supplement website.