Los Angeles, CA, December 29, 2023 — The annual Long-Term Care Insurance Price Index was pre-released today by the American Association for Long-Term Care Insurance.
“People have many misconceptions about long-term care insurance and we post data to help them better understand what can be a confusing topic,” states Jesse Slome, director of the long-term care insurance organization.
The 2024 Long-Term Care Insurance Price Index is the organization’s annual compilation of costs for both traditional and linked benefit long-term care insurance.
“First, prices for traditional long-term care insurance can vary significantly depending on which insurance company you select,” Slome points out. “You generally only buy this protection once so selecting the right insurer is of upmost importance.”
The long-term care insurance expert pointed out that the vast majority of long-term care coverage purchased in 2023 consisted of linked-benefit policies. “Consumers like the ‘don’t use it – don’t lose it’ aspect of a life plus LTC policy,” Slome agrees. “But it’s not like this comes without a cost.” The 2024 Price Index attempts to compare premium costs for virtually equal coverage under both options.
The 2024 Long-Term Care Insurance Price Index along with other statistics and data can be accessed via the Association’s website at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions.