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…

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Long term care insurance hikes on the way for thousands

Long Term Care Insurance

Many consumers may soon discover that they will be paying more for their coverage. Thousands of consumers are beginning to discover that there are considerable increases to long term care insurance rates that are being implemented at the moment and that are scheduled for the near future. Many are afraid that this may make the coverage cost prohibitive and are afraid they may have to cancel. The long term care insurance industry has already been facing challenges in terms of its costs and in keeping its policyholders. Now, even many…

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Connecticut long term care premiums increase due to rising costs

Many Connecticut insurance policy holders for long-term care have experienced a notable increase in their rates, marking the beginning of a trend that is likely to persist as a result of rising costs. Premiums spiked by double-digits for many among these policy holders, leaving them to wonder how much more they will need to pay in future months. Connecticut is not alone in these increases, as several other states have just filed rate actions, as well. These rate increases are being justified by rising costs and the need to compensate…

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Aon Study reveals an increase in average long term care liability claims

Aon Risk Solutions has released the results of research in its 2011 Long term Care General Liability and Professional Liability Actuarial Analysis, which showed that even though the frequency of claims is declining, the costs of long term care liability are on the rise as a result of an increasing average size of the claims. When compared to 2010, this year has shown a rise in the average size of claims that equals approximately 4 percent. Across the country, the severity and size of the liability claims saw a steady…

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Long Term Care Insurance Premiums on the Rise

Many big name insurers are getting out of the long term care business, referred to as LTC, due to a struggle to make a profit – names like Aetna, Metropolitan Life and Equitable Life. One can’t ignore, this business is in bad shape. Many that are still in have been pushing their rates up – in fact John Hancock just asked for another rate increase of close to 40% in order to make ends meet.   Presently, the sector views their industry in an investment snare.  “Between half and two-thirds…

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