long term care insurance costs Archives

Federal long-term care insurance premiums to rise as much as 86 percent

September 28, 2023September 27, 2023 Marc

Long-term care insurance - Premiums Rise

Enrollees in the federal program are preparing themselves for even more expensive coverage in 2024. Americans enrolled in the Federal Long-Term Care Insurance Program (FLTCIP) are getting ready to pay even more for their coverage next year after having faced regular increases for several consecutive years. The Office of Personnel Management has announced that there will be a rate hike for current enrollees. The Federal Long-Term Care Insurance Program is run by the Office of Personnel Management. It announced that current enrollees should expect to see higher rates for 2024.…

Long term care insurance rate reform takes a top spot for NAIC

April 16, 2019April 12, 2019 H. Cutner

State insurance commissioners across the country are taking on the rapidly growing pricing problem. State insurance commissioners throughout the U.S. have taken on the growing issue of long term care insurance rate growth. The industry has seen skyrocketing prices as a result of a slew of challenges in this area of coverage. The problems in the LTC insurance industry have been growing over several decades. Long term care insurance rate reform has been necessary for a long time. Over the last decades, insurance companies have been finding that their models…

Long term care insurance discounts and costs vary more widely

August 28, 2013August 26, 2013 H. Cutner

A recent analysis has revealed that choosing the proper insurer can make a vast difference in the expense. A recent analysis has determined that there are considerable price differences offered among the leading long term care insurance companies in the United States, and that this knowledge could either save or cost consumers hundreds of dollars on an annual basis. This sector of the industry is in a state of flux, which is causing insurers to use different approaches to setting prices. According to the American Association for Long Term Care…

Long-term care insurance industry eyes gender-specific pricing

January 30, 2013January 28, 2013 Marc

Long-term care insurance to see major shift in policy pricing The long-term care insurance industry is making moves to break away from its traditional unisex focus to adopt a more gender-based pricing structure. Several long-term care insurance companies have begun focusing on health care information that separates women from men and these companies believe that the time is right to address the issues that these two parties represent by restructuring fees and altering the prices associated with certain policies. Genworth is one such company. Genworth to embrace gender-specific pricing Genworth…

Long term care insurance policies are evolving for greater choice

November 14, 2012April 30, 2013

The most recent offerings in this sector are including a larger number of options for consumers. Long term care insurance companies have been observing an increasing trend of skyrocketing costs as their policyholders are living longer and are using more services such as assisted living facilities and nursing homes. The value in this type of policy is in the fact that it covers these extremely expensive services. However, because policyholders are generating far greater expenses than had been predicted, the long term care insurance industry is being faced with massive…

The price of long-term care insurance coverage is on the rise

April 3, 2012April 2, 2012 H. Cutner

As the Baby Boomer generation comes to the cusp of the discovery that long-term care insurance may be a wise step to cover potential upcoming needs, the insurance industry has found that this sector of its marketplace is withering, the price of its policies is skyrocketing, and the available coverage is being changed by the insurers. Long-term care insurance is the coverage that has been designed to provide payments for the medical services that are not usually covered by standard health insurance, for example: in-home care, nursing homes, and assisted…

The return of the long-term care services funding debate

March 17, 2012March 16, 2012 Julie Campbell

According to an online article in Forbes on March 14, following the end of the CLASS Act last year, there has been a great deal of concern about the way that the needs for long-term care by the elderly and disabled younger adults, will be financed in the United States. Federal officials and about two dozen states have now taken a fresh step to rectify this problem, working with insurance company executives, advocates, and researchers in a meeting that lasted almost six hours for an idea exchange. The group was…