These alterations reflect the desire of insurers to tighten their belts. As the American population gets older, the long term care insurance industry is facing a number of struggles in terms of the expenses that it is facing. Some insurers have withdrawn from that sector altogether. Other long term care insurance companies have been holding off on the sales of the policies that offer the most generous benefits, while they cinch their underwriting efforts. Almost all of them are increasing the premiums that are paid on the policies that already…
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The price of long-term care insurance coverage is on the rise
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…
Read MoreThe return of the long-term care services funding debate
According to an online article in Forbes on March 14, following the end of the CLASS Act last year, there has been a great deal of concern about the way that the needs for long-term care by the elderly and disabled younger adults, will be financed in the United States. Federal officials and about two dozen states have now taken a fresh step to rectify this problem, working with insurance company executives, advocates, and researchers in a meeting that lasted almost six hours for an idea exchange. The group was…
Read MoreEmployees may qualify for long-term care more easily through employers
LTC Financial Partners LLC. – one of the leading long-term care insurance companies in the United States – has released a statement to Americans in the hopes of assisting them to more easily obtain long-term care insurance and at a better rate simply by asking their employers about it. According to the senior vice president of business development for the insurer, Dan Cahn, by asking their employers about this coverage “could save you time, paperwork, and money — even if your workplace has no group LTC benefit in force.” The…
Read MoreJohn Hancock Financial raises rates on long-term care, sees backlash from consumers
John Hancock Financial, one of Colorado’s largest insurance companies, recently raised rates for long-term care coverage significantly. Some consumers saw increases as high as 90%, while other saw increases of half that number. The rate hikes have sparked the ire of consumers who say that these new rates are excessive. The state’s Department of Insurance is not being inundated with complaints concerning the matter, though regulators claim that the rates are somewhat justified. Long-term care insurance provides coverage for those that must take advantage of nursing homes or various types…
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