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

senior medicare cost of long term care insurance

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

caregiver long term care insurance senior

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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Long term care insurance coverage costs continue their climb

Long-Term Care Insurance

The price tag for these often vital policies are ever on the rise and show no sign of slowing down. For many people, the type of coverage that is provided by long term care insurance is an absolute necessity, because if they reach the point that they are no longer able to perform their own daily living activities – such as dressing, bathing, grooming, and preparing their own meals – they would not have the financial ability to pay for the assistance that they would require. Among those without coverage,…

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Long term care insurance policies may need extra inflation coverage

Long Term Care Insurance Planning

Many experts are starting to recommend that added protection be purchased to ensure the coverage will be adequate. Although it may sound a little bit strange to hear that experts are recommending extra coverage for a long term care insurance policy, but that is exactly what is happening on an increasing basis in order to protect policyholders against inflation. Without that additional protection, some are starting to question the value of this type of policy in the first place. The executive director of the American Association for Long Term Care…

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Long term care insurance is becoming more popular

Long Term Care insurance Costs

Americans are beginning to discover the importance of this coverage and are starting to buy again. The latest trend in long term care insurance in the United States appears to be the increasing recognition of the importance of this kind of coverage, and therefore a rise in the number of policies that are actually being purchased. This type of policy has been available to Americans for approximately 40 years. However, as it is an expensive form of insurance policy, many people have avoided it as they have prioritized other expenses…

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Long term care insurance company fined $115,000

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Oregon regulators have slapped Bankers Life with the penalty regarding mishandling of claims. State regulators in Oregon have handed Bankers Life and Casualty Co. a massive fine of $115,000 because the long term care insurance company had been mishandling claims that were being filed by disabled and elderly policyholders. The fine was issued after the insurer had been found to have made dozens of violations to the regulations in the state. According to Laura Cali, the Commissioner in Oregon, “I think we’ve made it very clear to them that this…

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Long term care insurance study shows women will soon pay much more

Long Term Care Insurance for women and men

At the same time, it has revealed that it is still possible to take advantage of savings for a short time. The American Association for Long Term Care Insurance has now released the results of a study that has investigated the cost of purchasing this coverage for single women, and the direction that it is taking. It found that women in half of the states still have a chance to save between 40 and 60 percent. The key to being able to benefit from these long term care insurance savings…

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Long term care insurance commission offers advice to Americans

Long Term Care Insurance Industry

At the same time that they provided these recommendations, they didn’t offer advice for paying the premiums. The recommendations of a commission that was created by Congress in order to help to address the rapidly growing need for long term care insurance coverage have now been released with an important detail lacking from the advice. No consensus could be found regarding the way that these pricey services will be paid for. The proposals were an element of a bipartisan supported long term care insurance report from nine out of the…

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Long term care insurance study shows heightened need for coverage planning

Long Term Care Insurance Research

A report from the AALTCI has shown that education is required when planning for options later in life. The American Association for Long Term Care Insurance (AALTCI) has just released the results of a national study that has identified and underlined the tremendous toll that is being taken by the overwhelming majority of adults who are providing the care services for an aging spouse or parent. Every year, these individuals are providing billions of dollars worth of services, completely unpaid. The director of the national trade group for the long…

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