Consumers considering long-term care protection have significantly different options that come with different costs and benefits according to the American Association for Long-Term Care Insurance.

"Today, the vast majority of new policies sold that offer some form of long-term care benefit are what we call linked-benefit policies," explains Jesse Slome, director of the long-term care insurance industry group.  "These are life insurance policies that provide a death benefit and an option for the policyholder to receive defined levels of benefits if and when they require qualifying long-term care."

"I continue to advocate that any long-term care coverage is better than having no coverage and being forced to rely on loved ones or depleting your retirement savings, but there are some important facts that few consumers know about," shares Slome.  The organization just released data from their 2020 Long-Term Care Policy Price Comparison Study.

"We wanted to provide consumers with a greater understanding of the two types of long-term care insurance options available today," Slome notes.  "This is an important decision and once you've made your choice you basically don't and can't change it.  If you were buying a car that was going to last for the rest of your life, imagine how much information you'd study.  Buying long-term care insurance is similar."

According to the organization's Cost Comparison, a 55-year old single male would pay around $875-a-year for $180,000 of potential long-term care insurance benefit.   If he wanted a policy that increased the potential benefit payout by 3 percent annually, the cost would be $1,710 per-year.

"By comparison, a policy that combines the benefits of a life insurance death benefit as well as a potential long-term care payout will cost more," Slome explains.  The Cost Comparison reported that comparable long-term care benefits would cost $3,625 annually for a policy with no inflation growth or $5,278 if the benefits were to grow at three percent annually.

"Individuals are not aware of the importance their health plays into determining not just what they will pay for long-term care insurance but whether they will even be accepted for coverage," adds Jesse Slome.  "Today, thanks to great medical care and the plethora of medicines, we think of ourselves as being in good health when really we are in good controlled health."

Slome emphasized the importance of comparing options for long-term care insurance coverage.  "I explain to consumers you have two excellent options, just as today you could by an all gas-powered car or one that's a hybrid or all electric," he advises.  "You want to compare to make certain that you get the right coverage for your future needs and your immediate financial situation."

To learn more about long-term care insurance costs and planning visit the Association's Consumer Learning Center page where the 2020 Price Index can be accessed.  Go to www.aaltci.org/ltcfacts-2020 to access this and other current information.  To connect with a specialist who can explain both traditional and hybrid products contact the Association via their website www.aaltci.org or call 818-597-3227.