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

long term care insurance rates - costs

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…

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Over 41% of long-term care insurance policies are in these 10 states

Long-term care insurance - Woman having blood pressure checked

There are approximately 8 million Americans with L.T.C. coverage, and nearly half reside in 10 states. Newly released American Association for Long-Term Care Insurance (A.A.L.T.C.I.) data shows that approximately 8 million Americans are covered by some form of L.T.C. policy. That said, between one third and one half of those policyholders live in only 10 states across the country. The data is from 2017 but represents the latest issued by the N.A.I.C. annual study findings. The A.A.L.T.C.I. based its data on the National Association of Insurance Commissioners (N.A.I.C.) national study.…

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Mutual of Omaha lawsuit pushes insurer to cover patients taking Truvada

Mutual of Omaha - lawsuit

New applicants taking the HIV prevention medication had previously been denied policies. Mutual of Omaha settled discrimination allegations filed by the Massachusetts attorney general’s office. The insurance company has agreed to stop denying applicants who use HIV prevention medications such as Truvada. At the same time, the insurance company settled a second lawsuit in the state regarding a similar situation. In the second lawsuit, Mutual of Omaha settled with an unidentified man. The insurance company turned down the man’s long term care insurance application when he acknowledged that he took…

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Long term care insurance pricing to factor in gender

Long Term Care Insurance cost for women gender

Women are about to see their LTCI premiums head skyward compared to those paid by men. The average lifespan of a woman is considerably longer than that of a man and, for the first time in the United States, some long term care insurance companies are seeking to make them pay higher premiums to help to compensate for the higher costs that this longer lifespan entails. Pricing that is gender specific is something that has been tossed around for some time now. As long term care insurance providers seek to…

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Long term care insurance not a high priority for many in the US

Long Term Care Insurance

New research has shown that the coverage and other preparations for LTC is not a top concern. According to the results of a new poll, which looked into the way that people aged 40 and higher are making preparations for their future aging needs, the trend is that few are making a high priority of taking out long term care insurance and making other preparations to pay for the costly assistance that they may one day need. Two thirds of the participants in the study said that they had planned…

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Long term care insurance customers prefer home care

long term care insurance trends

Research has shown that this is the preferred way to use the benefits when it is possible. When it comes to the buyers and users of long term care insurance policies, studies are showing that the benefits are primarily being used for home care as opposed to residence in a nursing home or other form of assisted living facility. It is the type of coverage that people don’t like to think about and that they hesitate to buy. However, among those who do buy it, certain trends are being identified…

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Long-term care insurance industry eyes gender-specific pricing

long term care insurance trends

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…

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