Your Long Term Care Insurance Rate Spiked. Now What?
Feb 13, 2023
This is an issue we see quite frequently among our clients. There are some strategies to go about this, that are usually client specific. This is why it is extremely beneficial to have a consultation, to ensure you are getting the care your policy needs. Don’t compromise your policy benefits by not consulting with a LTCI professional.
In the article, Your Long-Term Care Insurance Rate Spiked. Now What? Written by Tara Seigel Bernard in the New York Times, she highlighted the story of an elderly woman who experienced a spike in her insurance premium.
The woman’s premiums had doubled, and she was unwillingly paying those increased costs, rather than weighing out her options.
To many, buying these premiums early on is thought of as simply a cautionary move, done merely out of carefulness for what the future may hold for their health. Yet, as the article highlights, “About half of Americans turning 65 will develop a disability serious enough to require long-term care services, according to a 2016 federal report. Most will need assistance for less than two years, but about one in seven will need it for more than five years.”
More and more policyholders are beginning to see increases in their premiums. Many of these insurance companies offer options to their policyholders to help them ease into the decision making of what to do with their raised rates. While these options may be beneficial to some, as a whole, most policyholders find themselves confused and unsure of what to do.
This is where seeking professional help would be most advantageous.
The article puts a spotlight on the options of policyholders, and how seeking out help when re-evaulating your policy is highly advised.
The industry has significantly miscalculated many factors that have gone in to the pricing of premiums, and the policyholders are suffering. Knowing and understanding your options, and the policy at hand, will ultimately lead to the best care for you and your loved ones.
If you are interested in the full article, it is linked below:
https://aspe.hhs.gov/reports/long-term-services-supports-older-americans-risks-financing-research-brief-0
