LTC Premiums – Rate Increases and the Press

No one ever wants to hear they are experiencing an increase in their long term care insurance premium…or any premium, for that matter. There’s a few things, however, that recent media reports don’t always explore that are important to point out:

1. A rate increase must be substantiated. Carriers do not want to increase, it’s bad PR and not in their interest. An increase in rates underscores the need for their coverage. People are living even longer, becoming even sicker, with conditions that are even more chronic. And the costs keep rising.

2. The increases are usually based on much older issue ages. The average age of a new policyholder has gone from 72 to 56. So increases, even modest increases, are felt much more harshley. The fastest growing group of new policyholders are 45-54. If they are subject to rate increases in the future, the difference will be much more manageable, since it will be based on a much lower number.

Just a thought…

Advertisements

About tennesseelongtermcare

Long term care is a risk we all face, regardless of age. Need may result from an accident, a serious health condition or as part of the aging process. The consequences to our physical, financial and emotional well-being can be catastrophic if we postpone planning until after the need for care arises. After all, our health is ever only as good as it is today. Long term care coverage provides a vehicle to guarantee your family an income stream and to maintain lifestyle in the event you have an extended care need. It is vital protection for your family’s personal, emotional and financial well-being. Lindsey & Associates is the Chattanooga area's premiere source for long term care insurance planning. Serving Chattanooga for nearly fifteen years, Lindsey & Associates was founded by Gail R. Lindsey, M.S., CLTC who sought to be an effective advocate for families with extended care needs after a successful career as a therapist. Lindsey & Associates is unique in that their planners are specialists in long term care insurance and approach their work from a perspective of education and advocacy, not the "bottom line". If you feel that you owe it to your family to hear all the options when it comes to your future care, we would encourage you to contact one of our LTC planners. We meet with individuals and families to find the most cost-effective way for them to age in place, at home, with the dignity and care they have earned over a lifetime of hard work.

Posted on March 23, 2012, in For your enjoyment, In the news.... Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: