Tag: long term care

The costliest states for long term care services

Marc
Long Term Care insurance Costs

Genworth Financial has released a study regarding the most expensive places for assistance. A study by Genworth Financial Inc. has identified the states in which long term care insurance is most important due to the highest costs of services for the sick and the elderly. It found that Massachusetts has the highest price tags in the country for these services. Residents of the Bay State face the greatest expense for services designed for caring for the elderly and the unwell. At the same time, according to the study, the people…

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California commissioner announces new legislation for long term care insurance

Long Term Care Insurance

AB 999 has been passed by a vote of five to three. The California Department of Insurance has issued a press release that detailed Commissioner Dave Jones’s announcement regarding the passing of AB 999, which was authored by Assembly Aging and Long Term Care Committee Chair, Mariko Yamada (D-Davis). Commissioner Jones had sponsored the bill, as did the California Department of Insurance. It has been written to increase consumer protection from the risk of excessive premium rate volatility, through the modification of the existing calculation process for the rates for…

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

Julie Campbell
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…

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Is the end approaching for long term care insurance?

H. Cutner
Long Term Care Insurance

Recently, those in the insurance industry have started to look into the future of long-term care (LTC) insurance and the possibility that its own future may not be as long as it could be, especially as one insurer after the next steps its way out of that particular sector. Throughout the last three years alone, MetLife, Guardian, Unim Group, and Allianz, have all backed out of the LTC business. Similarly, in March, Prudential stated that it would no longer be issuing individual policies for that form of insurance. The primary…

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

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…

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