Long-term care insurance gives people the peace of mind and
protection. It helps pay for long term care facilities such as assisted living
facilities, nursing homes, CCRCs, home care and adult day care. However, there
are some policyholders who are worried about the huge increase in premiums. It
was reported this week that Genworth Financial has a $844 million quarterly
loss. This only increases the risk of another rate increase, which is the
concern of many policyholders nowadays.
For your guidance, here are three takeaways for long term
care insurance policyholders:
- A past rate increase doesn't forestall additional hikes down the road.
- Switching insurance companies is not advisable.
- It's possible to get good coverage by decreasing your benefits.
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