Sales of linked-benefit long-term care insurance continue to outpace traditional long-term care policies. A new video library will provide meaningful information to prospective buyers. “There is enormous interest in linked benefit long-term care,” states Jesse Slome, director of the American Association for Long-Term Care Insurance director. “Judging by the consumer inquiries we receive, there are also many misconceptions and some flawed information that we wanted to address.” The Association has just launched an online video library that will consist of short informative videos focused specifically on hybrid or linked-benefit long-term…
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John Hancock long term care insurance is shutting down
The insurer recently announced its intentions to step out of that market and will cease selling next month. As of December 2016, John Hancock long term care insurance policies will no longer be sold by the insurer. This announcement arrived as the company announced that it would be exiting that coverage market. The insurance company is owned by one of the largest long term care policy providers in the United States. John Hancock long term care insurance is owned by Canadian firm Manulife Financial Corp. That company is among the…
Read MoreLong term care insurance is becoming more popular
Americans are beginning to discover the importance of this coverage and are starting to buy again. The latest trend in long term care insurance in the United States appears to be the increasing recognition of the importance of this kind of coverage, and therefore a rise in the number of policies that are actually being purchased. This type of policy has been available to Americans for approximately 40 years. However, as it is an expensive form of insurance policy, many people have avoided it as they have prioritized other expenses…
Read MoreLong term care insurance opportunities help to offer greater savings
The option for guaranteed purchase helps to keep costs down, but it is important to watch for varying provisions. The latest new options in long term care insurance are now providing people in their fifties and sixties with the opportunity to lower the expense associated with their coverage by hundreds of dollars every year. This may help people to be able to buy the coverage they need at a price that can fit within their budgets. Jesse Slome, the American Association for Long Term Care Insurance (AALTCI) director “The Guaranteed…
Read MoreLong term care insurance becoming harder for women to buy
While some insurers aren’t selling the policies at all anymore, others are hiking their rates skywards. Long term care insurance is becoming much more of a struggle to purchase, particularly for women, as many insurers have been withdrawing from this sector, and those that have stayed in the game have been driving their rates up to the point that some customers are now paying as much as 40 percent more. This industry is, in some ways, facing the opposite effect that has been seen in the life coverage sector. Life…
Read MoreLong term care insurance will still be more expensive for some women
Though federal laws don’t allow gender biased premiums calculations, basic daily tasks can still be expensive. Although the federal law that will go into effect next year has stated that gender cannot be factored in to premiums calculations for health coverage, that regulation doesn’t take into account the basic daily life tasks that are covered by long term care insurance. The Affordable Care Act will prohibit insurers from charging women more than men for the same policy. Unfortunately, this law does not cover long term care insurance. This means that…
Read MoreLong term care insurance prices are soaring
The cost of coverage for nursing home fees is up by double digits this year. The price associated with covering oneself against the cost of a nursing home or other similar forms of assistance service is skyrocketing, as long term care insurance premiums rise by 6 to 17 percent this year. The amount of the increase depends on the type of coverage that is purchased. This data is from the American Association for Long Term Care Insurance. Many insurers in this sector are finding that they are losing money and…
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