Roughly eight million American adults relocate to a new state and millions more have residences in two states; both situations that could reduce the cost for long term care insurance according to an expert.
“Rates for identical long term care insurance coverage can vary by 10 percent or more depending on where you reside,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance one of the nation’s leading long termcare insurance experts. Slome was answering a question for a Tennessee resident planning an imminent move to New York.
“A comparison of costs for a plan providing roughly $165,000 of coverage found that he would pay roughly 13 percent less if he waited to apply in New York,” Slome advised. “We explained he needed to speak with a knowledgeable expert licensed in both states so he could learn of any important considerations.”
According to the Association while most insurance professionals are licensed only in the State where they do business a growing number of long term care insurance professionals who specialize in the product are available in multiple states. “A growing number of specialists will consult with people over the phone, something which many prefer compared to an in-home appointment with an insurance agent,” Slome adds.
“A comparison of costs for a plan providing roughly $165,000 of coverage found that he would pay roughly 13 percent less if he waited to apply in New York,” Slome advised. “We explained he needed to speak with a knowledgeable expert licensed in both states so he could learn of any important considerations.”
According to the Association while most insurance professionals are licensed only in the State where they do business a growing number of long term care insurance professionals who specialize in the product are available in multiple states. “A growing number of specialists will consult with people over the phone, something which many prefer compared to an in-home appointment with an insurance agent,” Slome adds.
The Association compared rates for three leading insurers offering policies in multiple states. “The cost for coverage from one company was about $910-per-year for a 55 year old living in New York but $1,035 for identical coverage for someone in Tennessee,” Slome notes. “Insurance companies today tend to require some proof of residency,” he adds, “for example, they will base coverage on the state issuing your driver’s license.”
To connect with one of the Association’s professional members who are licensed in multiple states and able to provide free no-obligation long term careinsurance comparisons quotes and information on the topic all the organization’s national headquarters at (818) 597-3227 or visit the Association’s website.
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