It's a natural tendency of consumers, especially in tough economic times, to put off planning for long term care, that being something they perceive they won't need for many years.
And a slight but still quantifiable increase in overall LTCI prices since 2007 will make the sell just a bit more of a challenge.
Advisors need to emphasize that customers still need to look ahead and take advantage of their youth and better health to get the best deal for full coverage, explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. Slome's group has just announced a 2008 price index for LTCI policies.
A 55-year-old single individual considering long term care insurance protection can expect to pay about $709 per year for basic coverage, or $1,095 if they are married. Purchasing insurance at an earlier age provides vastly more coverage, at a lower price, than waiting until 65 to make the buy.
