Tag: texas long term care insurance

Long term care insurance premiums allowed to rise 75 percent in Texas

Julie Campbell
caregiver long term care insurance senior

Regulators in the state have given permission for the increase to stand, frustrating some consumers. The Texas Department of Insurance is taking fierce criticism from two families regarding the 75 percent increase that was allowed to stand for premiums being paid for long term care insurance coverage in the state. The question that they has raised is whether the department is on the side of the customer or the insurance industry. They have also asked about the true power of the agency and whether it actually has the power to…

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New long term care benefit available to Prudential customers

Prudential Insurance has announced that its long term care coverage products will now include a benefit that offers a program providing personalized, high quality guidance to help them to achieve independent living through a single integrated source. This benefit is known as the Univita Living program, which was created by Univita Health, and is built on a foundation of significant knowledge and research from professionals with significant experience in health and long term care. What the program provides is the ability for families and individuals to locate, coordinate, and manage…

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Survey shows long-term care services are increasingly expensive

Julie Campbell

Metlife Mature Market Institute has published a report of the outcomes of its annual long-term care services costs survey, which includes home care, adult day programs, assisted living facilities, and nursing homes. The survey showed that the cost of long-term care services is continuing to climb, and that this year it rose more quickly than the rate of inflation. The only exception to this rule was the cost of home care services, which was the same from last year to this year. The average cost of care in a private…

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At what age should consumers purchase long-term care insurance?

Among individuals younger than the age of 50, it is quite common to believe that long-term care insurance is something that they won’t really need until later on in their lives. According to CFP Rich Arzaga, CEO and founder of San Ramon, California-based Cornerstone Wealth Management, the majority of consumers won’t start to inquire about long-term care insurance until about the age of 45. In fact, “it won’t be on their radar”. He said that once they reach the age of 55 or 60, they will begin to talk about…

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Long-Term health care plan axed by the Department of Health and Human Services

S.Vagus

Last week, the Obama administration announced that it will be cancelling the long-term care insurance program that would have been created from the Affordable Care Act. The program, known as Community Living Assistance Services and Supports (CLASS), would have brought aid to those suffering from chronic illness and disability, was determined to be a detriment to the overall economic health of the nation, leading Kathleen Sebelius, secretary of the Department of Health and Human Services, to discontinue the program. Opponents of the Affordable Care Act claim this as a major…

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Most Asset Based Long-Term Care Purchases Are Over Age 65 – Two Thirds Of New Single-Pay Life+LTC Policy Sales Are Over $100,000

Guest Author

The sale of asset-based long-term care insurance protection grew significantly according to research by the American Association for Long-Term Care Insurance (www.aaltci.org) the national trade organization. According to data gathered from the industry’s leading insurers, premium in 2010 increased 79 percent compared to the prior year. The number of covered lives increased 83 percent. “Asset based or linked products are experiencing growth as they are highly suitable for a very specific consumer,” states Jesse Slome, AALTCI’s executive director. “Financial planners and investment professionals who may not like the more complex…

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U.S. federal research looks into increases in premiums for long-term care

Julie Campbell

The results of a federal government study have been released in a report that examined the impact of increasing premiums for insurance policies covering long-term care. The report was created by the U.S. Government Accountability Office (GAO) and looked into the Federal Long-Term Care Insurance Program (FLTCIP), which is the country’s biggest private insurance program for long-term care. Executive director Jesse Slome, of the American Association for Long-Term Care Insurance explained that since the FLTCIP is a voluntary plan with regular employees, the group is representative of long-term care insurance…

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