General Electric seeks to divest itself of insurance business

Insurance Business - Long Term Care

GE wants to step away from the long term care insurance that is now costing it far too much. General Electric Co. is currently seeking to unload its troubled insurance business. The American multinational conglomerate has been working with investment bankers to identify opportunities. The company’s insurance branch took on a wealth of expenses following shareholder lawsuits. GE’s insurance business was required to cover extensive charges at the same time it faced lawsuits from its shareholders. The company was also the subject of an investigation by United States regulators, according…

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Insurance denial case involving gay men in New York to be investigated by state

HIV insurance denial discrimination

State financial regulators will be looking into reports of discrimination against homosexual men. New York financial regulators are looking into recent reports of insurance denial involving gay men. The story originated in the New York Times and stated that gay men were being denied long-term care, disability and life insurance because of a preventative medication they were taking. The men were taking a medication to help boost their protection against H.I.V. when they applied for coverage. If the insurance denial allegations are true, it may mean that the insurers’ practices…

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John Hancock long term care insurance is shutting down

The insurer recently announced its intentions to step out of that market and will cease selling next month. As of December 2016, John Hancock long term care insurance policies will no longer be sold by the insurer. This announcement arrived as the company announced that it would be exiting that coverage market. The insurance company is owned by one of the largest long term care policy providers in the United States. John Hancock long term care insurance is owned by Canadian firm Manulife Financial Corp. That company is among the…

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The high cost of long term care is rarely planned for

senior medicare cost of long term care insurance

While planning for retirement, few people plan for the potential need for nursing home care. The cost of long term care has become one of the largest expenses faced during retirement. At the same time, only a small minority of people actually plan for this eventual need. By the time a person reaches the age of 65, their chances of needing a nursing home at some point are about 50-50 at the moment. These types of annual cost are very high and most people haven’t factored it into their savings.…

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Public long term care insurance program debate to start in Hawaii

Hawaii long term care insurance industry

The state is about to begin a discussion about starting the first universal coverage program in the country. Hawaii is about to enter into a debate that will discuss whether or not the state should launch the first public long term care insurance program to exist in the country; a move that will likely have the nation’s insurance industry watching very closely. This LTC insurance program would be the first time coverage of this nature was offered by a state. The benefit for people covered by a universal long term…

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Long-term care insurance premiums to see massive increase in Kansas

Long-Term Care Insurance Caregivers

State residents will see a major increase in their long-term care insurance premiums Kansas residents that have purchased long-term care insurance will be hit by significant rate increases in the near future. Policyholders have been reporting that they have been notified that they will see rate increases as high as 60%. The Kansas Insurance Department has confirmed that this is, indeed, the case, as regulators have approved significant rate increases coming from insurers. For many consumers, this may become a major financial burden that may mean they would lose their…

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Trends in long term care insurance purchasing are shifting

caregiver long term care insurance senior

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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