Many people let the coverage go when it is no longer a part of their employment benefits. Though many people consider long-term care insurance to be important coverage while they are still employed, it is commonplace to drop the policy at retirement age, when people tend to want to reduce their daily living costs and coast off the funds they’ve saved throughout their working lives. That said, many financial experts are cautioning that this trend might not be the best to follow. There are a number of reasons that many…
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Long-term care insurance premiums to see massive increase in Kansas
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…
Read MoreLong-term care insurance is becoming more expensive
Report shows the rising cost of insurance coverage in the US The American Association for Long-Term Care Insurance, an industry trade group, has released a new report concerning the rising cost of this type of coverage. Long-term care insurance can be used to cover the cost of medical care in a home or a nursing home. This coverage is meant to offset the cost of medical and care services that are offered to those with prolonged illnesses and chronic disorders. This coverage is somewhat common, but many people do not…
Read MoreLong term care insurance premiums vary broadly, but are higher overall
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…
Read MoreLong term care insurance prices raise concerns
Insurance commissioners in nearly every state are alarmed as they have nearly no authority to stop these skyrocketing rates. Across the country, state authorities are finding that the price of long term care insurance coverage is heading sky high at an increasingly rapid rate, and at the moment, they don’t have much in terms of power when it comes to actually controlling this issue. Regardless of claim history or health status, insurance premiums are rising at a staggering pace. It is not unheard of – or even uncommon – for…
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