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…

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John 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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Avoiding misconceptions about Medicare to sidestep financial struggles

Medicare open enrollment deadline approaching fast – things you should know!

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…

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John 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…

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Choosing the right long-term care policy to cover your needs

The percentage of people who have purchased life insurance has currently reached a figure that is lower than it has been in half a century, as many people debate whether or not the coverage is worth their money when they are already tightening their belts in an economy that continues to struggle in its recovery. Life insurance differs from standard medical insurance in that it provides coverage for individuals who require assistance with their daily living activities. For example, in the case of a broken shoulder or hip, dementia, or…

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