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…
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Long 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…
Read MoreLong term care insurance as a combination with life coverage
Do these two products mix effectively and will they benefit you? As the price of long term care insurance continues to rise, increasing by double digits each year, a number of families are beginning to seek out alternatives, which commonly includes a combination of life policies with the benefits of their LTC coverage. However, the policyholders for these combination products are now also facing notable increases. This fact, as well as the shrinking benefits that will be occurring over the next few months are causing many families to wonder whether…
Read MoreLong term care insurance most common claim is Alzheimer’s disease
This form of dementia causes a significant percentage of LTC nursing home claims. According to an American Association for Long Term Care Insurance report, the leading cause of nursing home claims paid for by this type of coverage is Alzheimer’s disease. Just over one quarter of LTC insurance claims are the result of the mental illness. Data from the Alzheimer’s Association has shown that at the moment, there are 5.4 million people in the United States with the condition, and that one out of every eight older Americans has it.…
Read MoreCouples should consider shared long term care insurance
Financial protection is less expensive when this option is selected. Though many people know that long term care insurance is a highly important element of financial protection, and that most will require it in their retirement, the cost of this coverage stops many people who should have it from buying it. Shared care is, therefore, becoming much more popular among married couples due to the savings it offers. With these joint LTC policies, a couple is able to purchase benefits that are combined between them and that can be used…
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