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…
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John Hancock announces re-entry into individual long-term care insurance in California
John Hancock has announced that it will be resuming its place as a part of the California individual long-term care insurance marketplace, starting on February 27, 2012, through both its Custom Care III (non-Partnership) and its new California Partnership policy. These two policies will provide comprehensive long-term care coverage for all circumstances, such as assisted living facilities, nursing homes, adult day-care centers, and at home, and will also provide the policyholder with care planning and care giving support. The president of John Hancock long-term care insurance, Marianne Harrison, expressed the…
Read MoreChoosing the right long-term care policy to cover your needs
The percentage of people who have purchased life insurance has currently reached a figure that is lower than it has been in half a century, as many people debate whether or not the coverage is worth their money when they are already tightening their belts in an economy that continues to struggle in its recovery. Life insurance differs from standard medical insurance in that it provides coverage for individuals who require assistance with their daily living activities. For example, in the case of a broken shoulder or hip, dementia, or…
Read MoreMost Asset Based Long-Term Care Purchases Are Over Age 65 – Two Thirds Of New Single-Pay Life+LTC Policy Sales Are Over $100,000
The sale of asset-based long-term care insurance protection grew significantly according to research by the American Association for Long-Term Care Insurance (www.aaltci.org) the national trade organization. According to data gathered from the industry’s leading insurers, premium in 2010 increased 79 percent compared to the prior year. The number of covered lives increased 83 percent. “Asset based or linked products are experiencing growth as they are highly suitable for a very specific consumer,” states Jesse Slome, AALTCI’s executive director. “Financial planners and investment professionals who may not like the more complex…
Read MoreU.S. federal research looks into increases in premiums for long-term care
The results of a federal government study have been released in a report that examined the impact of increasing premiums for insurance policies covering long-term care. The report was created by the U.S. Government Accountability Office (GAO) and looked into the Federal Long-Term Care Insurance Program (FLTCIP), which is the country’s biggest private insurance program for long-term care. Executive director Jesse Slome, of the American Association for Long-Term Care Insurance explained that since the FLTCIP is a voluntary plan with regular employees, the group is representative of long-term care insurance…
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