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…

Read More

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…

Read More

Long term care insurance opportunities help to offer greater savings

Long term care insurance planning

The option for guaranteed purchase helps to keep costs down, but it is important to watch for varying provisions. The latest new options in long term care insurance are now providing people in their fifties and sixties with the opportunity to lower the expense associated with their coverage by hundreds of dollars every year. This may help people to be able to buy the coverage they need at a price that can fit within their budgets. Jesse Slome, the American Association for Long Term Care Insurance (AALTCI) director “The Guaranteed…

Read More

Long term care insurance becoming harder for women to buy

Long Term Care insurance for women

While some insurers aren’t selling the policies at all anymore, others are hiking their rates skywards. Long term care insurance is becoming much more of a struggle to purchase, particularly for women, as many insurers have been withdrawing from this sector, and those that have stayed in the game have been driving their rates up to the point that some customers are now paying as much as 40 percent more. This industry is, in some ways, facing the opposite effect that has been seen in the life coverage sector. Life…

Read More

Long term care insurance will still be more expensive for some women

Long Term Care insurance

Though federal laws don’t allow gender biased premiums calculations, basic daily tasks can still be expensive. Although the federal law that will go into effect next year has stated that gender cannot be factored in to premiums calculations for health coverage, that regulation doesn’t take into account the basic daily life tasks that are covered by long term care insurance. The Affordable Care Act will prohibit insurers from charging women more than men for the same policy. Unfortunately, this law does not cover long term care insurance. This means that…

Read More

Long term care insurance prices are soaring

Long Term Care insurance Costs

The cost of coverage for nursing home fees is up by double digits this year. The price associated with covering oneself against the cost of a nursing home or other similar forms of assistance service is skyrocketing, as long term care insurance premiums rise by 6 to 17 percent this year. The amount of the increase depends on the type of coverage that is purchased. This data is from the American Association for Long Term Care Insurance. Many insurers in this sector are finding that they are losing money and…

Read More

Long term care insurance as a combination with life coverage

New York Homeowners Insurance Rules

Do these two products mix effectively and will they benefit you? As the price of long term care insurance continues to rise, increasing by double digits each year, a number of families are beginning to seek out alternatives, which commonly includes a combination of life policies with the benefits of their LTC coverage. However, the policyholders for these combination products are now also facing notable increases. This fact, as well as the shrinking benefits that will be occurring over the next few months are causing many families to wonder whether…

Read More

Long term care insurance most common claim is Alzheimer’s disease

Long Term Care Insurance

This form of dementia causes a significant percentage of LTC nursing home claims. According to an American Association for Long Term Care Insurance report, the leading cause of nursing home claims paid for by this type of coverage is Alzheimer’s disease. Just over one quarter of LTC insurance claims are the result of the mental illness. Data from the Alzheimer’s Association has shown that at the moment, there are 5.4 million people in the United States with the condition, and that one out of every eight older Americans has it.…

Read More

Couples should consider shared long term care insurance

Long Term Care Insurance

Financial protection is less expensive when this option is selected. Though many people know that long term care insurance is a highly important element of financial protection, and that most will require it in their retirement, the cost of this coverage stops many people who should have it from buying it. Shared care is, therefore, becoming much more popular among married couples due to the savings it offers. With these joint LTC policies, a couple is able to purchase benefits that are combined between them and that can be used…

Read More

Younger consumers are buying – and benefitting from – long term care coverage

Building Insurance Costs

Linked long term care coverage is starting to appeal to a younger audience due to claims with large payouts. In order to maintain coverage against the high costs of long term care, a growing number of national insurers are now offering a combination product that includes life insurance with the option for LTC benefits. This information was drawn from the 2012 Buyer Study, which was performed by the national trade group, the American Association for Long-Term Care Insurance. These products that offer linked benefits (also known as combination policies) are…

Read More