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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Life insurance sales placed in suspension at Genworth Financial

life insurance agent policy

As the firm enters into restructuring plans, it has now ceased the sale of those policies until further notice. Genworth Financial Inc. has now announced the suspension of some of its life insurance product sales, after having posted a Q4 loss for 2015, which meant that it had continued to lose money throughout every quarter of that year. The company is now entering into restructuring plans in order to overcome its considerable financial challenges. As a result of this announcement and as the insurer begins the planning for its restructuring,…

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Public long term care insurance program debate to start in Hawaii

Hawaii long term care insurance industry

The state is about to begin a discussion about starting the first universal coverage program in the country. Hawaii is about to enter into a debate that will discuss whether or not the state should launch the first public long term care insurance program to exist in the country; a move that will likely have the nation’s insurance industry watching very closely. This LTC insurance program would be the first time coverage of this nature was offered by a state. The benefit for people covered by a universal long term…

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Long-term care insurance premiums to see massive increase in Kansas

Long-Term Care Insurance Caregivers

State residents will see a major increase in their long-term care insurance premiums Kansas residents that have purchased long-term care insurance will be hit by significant rate increases in the near future. Policyholders have been reporting that they have been notified that they will see rate increases as high as 60%. The Kansas Insurance Department has confirmed that this is, indeed, the case, as regulators have approved significant rate increases coming from insurers. For many consumers, this may become a major financial burden that may mean they would lose their…

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Trends in long term care insurance purchasing are shifting

caregiver long term care insurance senior

According to the main industry association, people are choosing lower inflation growth options. The American Association for Long Term Care Insurance (AALTCI) has now reported on the outcomes of its 2014 study that has determined that buyers are significantly changing their buying patterns when it comes to this type of coverage. Previous years had seen customers purchasing choices that gave a 5 percent annual boost to initial benefits. However, according to Jesse Slome, the director of the association, “In years past consumers favored policies that included an option that increased…

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Long term care insurance premiums vary broadly, but are higher overall

senior medicare cost of long term care insurance

The rates that are being paid for this coverage are dependent on a very large number of factors. A recently released industry report has shown that while the rates for long term care insurance have been rapidly on the rise, the premiums themselves vary broadly depending on a number of different factors that go into the calculations. The report showed that this year, the average rise for LTC insurance premiums was close to 9 percent. At the same time, even though the rates for long term care insurance have been…

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National Alzheimer’s Disease Awareness month draws attention to long term care insurance

long term care insurance

It also complements the fact that it November is National Caregiver Month, a celebration of over 15 million Americans. November is the time of the year which most effectively underscores the importance of long term care insurance as it is both National Alzheimer’s Disease Awareness month and National Caregiver month. This is a time in which to learn more about dementia and thank those who care for individuals affected by it. At the start of this month, President Barack Obama released a statement that recognized National Alzheimer’s Disease Awareness month,…

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