Trends in long term care insurance purchasing are shifting

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According to the main industry association, people are choosing lower inflation growth options. The American Association for Long Term Care Insurance (AALTCI) has now reported on the outcomes of its 2014 study that has determined that buyers are significantly changing their buying patterns when it comes to this type of coverage. Previous years had seen customers purchasing choices that gave a 5 percent annual boost to initial benefits. However, according to Jesse Slome, the director of the association, “In years past consumers favored policies that included an option that increased…

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Long-term care insurance is becoming more expensive

Long-Term Care Insurance

Report shows the rising cost of insurance coverage in the US The American Association for Long-Term Care Insurance, an industry trade group, has released a new report concerning the rising cost of this type of coverage. Long-term care insurance can be used to cover the cost of medical care in a home or a nursing home. This coverage is meant to offset the cost of medical and care services that are offered to those with prolonged illnesses and chronic disorders. This coverage is somewhat common, but many people do not…

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Long term care insurance premiums vary broadly, but are higher overall

senior medicare cost of long term care insurance

The rates that are being paid for this coverage are dependent on a very large number of factors. A recently released industry report has shown that while the rates for long term care insurance have been rapidly on the rise, the premiums themselves vary broadly depending on a number of different factors that go into the calculations. The report showed that this year, the average rise for LTC insurance premiums was close to 9 percent. At the same time, even though the rates for long term care insurance have been…

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National Alzheimer’s Disease Awareness month draws attention to long term care insurance

long term care insurance

It also complements the fact that it November is National Caregiver Month, a celebration of over 15 million Americans. November is the time of the year which most effectively underscores the importance of long term care insurance as it is both National Alzheimer’s Disease Awareness month and National Caregiver month. This is a time in which to learn more about dementia and thank those who care for individuals affected by it. At the start of this month, President Barack Obama released a statement that recognized National Alzheimer’s Disease Awareness month,…

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Long term care insurance prices raise concerns

senior medicare cost of long term care insurance

Insurance commissioners in nearly every state are alarmed as they have nearly no authority to stop these skyrocketing rates. Across the country, state authorities are finding that the price of long term care insurance coverage is heading sky high at an increasingly rapid rate, and at the moment, they don’t have much in terms of power when it comes to actually controlling this issue. Regardless of claim history or health status, insurance premiums are rising at a staggering pace. It is not unheard of – or even uncommon – for…

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Long term care insurance review gives Genworth stock a slap in the face

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The reaction from Wall Street was far from positive as the company looks into its claims reserves. When Genworth Financial Inc. announced that it would be reviewing the adequacy of their claims reserves with regards to their long term care insurance business, the reaction from Wall Street was to send the company’s stock tumbling. The company has already reported that it had experienced a drop in its operating profits in the second quarter. In fact, the long term care insurance company’s stock fell by 14 percent, bringing it down $2.28…

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Long term care insurance premiums allowed to rise 75 percent in Texas

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Regulators in the state have given permission for the increase to stand, frustrating some consumers. The Texas Department of Insurance is taking fierce criticism from two families regarding the 75 percent increase that was allowed to stand for premiums being paid for long term care insurance coverage in the state. The question that they has raised is whether the department is on the side of the customer or the insurance industry. They have also asked about the true power of the agency and whether it actually has the power to…

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