The Latest on Long-Term Care Insurance (rate hikes, inflation, selling and whatnot)
This week, we’ll be sharing the latest in the LTCI industry. We’ll be sharing informative links ranging from rate hikes (and reactions) to selling policies and other news that may be of interest for agents, brokers, and long term care advocates.
Long-term care insurance rate increase being debated
Andrea K. McDaniels, a writer for The Baltimore Sun, reported on complaints filed by senior citizens to Maryland Insurance Commissioner Al Redmer Jr. The complaints stemmed from the rising and heavy long term care insurance rate hikes, which senior citizens deemed as unjust. Additionally, complainants requested that carriers need to be more transparent when it comes to increasing premiums.
Inflation and Long Term Care
Long term care insurance expert Romeo Raabe discusses on the importance of holders having to be more concerned with their policies, particularly on the 5% automatic & built-in inflation protection. According to Raabe, holders need to be wary of agents offering products without this important feature, that LTC owners may not be getting their hard-earned money’s worth in due time. Additionally, Raabe also discussed on the Medicare’s underlying effect on paying for short stays, and how it will damage nursing homes’ source of income.
Insurance is out of control
Gail Kaufman writes about the crazy and bizarre ways insurance agents pitch their products to the market. Instead of focusing on the benefits one gets from coverage, consumers are now experiencing more of living in the fear of constant and heavy premiums.
Long-Term Care Insurance
Money Counselor writer Kurt Fischer discusses the pros and cons of getting a long term care insurance plan. The post was in response from a reader’s request for Kurt’s opinion on LTC. Kurt highlighted that LTC is a subjective and hard topic to discuss, yet is open for more readers to give their feedback on the matter.
New push to keep seniors in home, community-based programs
According to an Associated Press report by Alejandra Cancino, a demand for in-home long term care is rising due to inability of nursing homes to sustain low-income senior residents. The push for in-home care would allow low-income senior citizens to save up on their hard-earned cash, with expenses expected only to be a fraction of what is usually spent on nursing home care.
Do you have any LTCI news you want to share? Let us know by sending us an email or comment below.