Female policyholders typically generate higher expenses, meaning premiums could rise. A long term care insurance policy has never been an inexpensive product, but as data continues to show that women bring in much greater expenses on their plans, it could mean that premiums are about to change. This could mean that the coverage may become much more costly for female consumers. Until now, long term care insurance companies have been charging the same premiums to their clients, regardless of their gender. These plans help policyholders to pay for the cost…
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California commissioner announces new legislation for 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…
Read MoreAvoiding misconceptions about Medicare to sidestep financial struggles
According to the outcome of a study performed by Bankers Life and Casualty Company Center for a Secure Retirement, a startling number of retired individuals in the middle-income bracket who are on Medicare either do not understand or they misunderstand the costs and coverage provided by the program, which can lead to unexpected expenses. The research, whose findings were included in the report entitled “Retirement Healthcare for Middle-Income Americans”, examined data regarding 400 pre-Medicare individuals in the baby boomer generation (aged 47 to 64), as well as 400 adults in…
Read MoreJohn 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 MoreNew long term care benefit available to Prudential customers
Prudential Insurance has announced that its long term care coverage products will now include a benefit that offers a program providing personalized, high quality guidance to help them to achieve independent living through a single integrated source. This benefit is known as the Univita Living program, which was created by Univita Health, and is built on a foundation of significant knowledge and research from professionals with significant experience in health and long term care. What the program provides is the ability for families and individuals to locate, coordinate, and manage…
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