Long Term Care Costs Cause Problems to Insurers

Long term care insurance companies had the answer to skyrocketing cost of long term care thirty years ago. But this time around, insurers think that long-term care insurance is not that affordable anymore. They pitched long-term care insurance as a prudent way for Americans to pay for long term care services likes adult day care, assisted living facilities, nursing homes and CCRCs.  But carriers discovered today that this type of policy is squeezing their earnings. 

Companies have higher payout nowadays since people are living much longer and thus more people will file for claims and will stay in long term care facilities.  In order to cope up with their losses, carriers impose higher premiums. People are expected to turn to Medicaid, a government program that helps cover the cost of long-term care.  

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Top Long Term Care Insurance Company Doubles Worksite Sales

ACSIA Partners, one of the leading long-term care insurance companies in the United States, reports 2014 sales of about $5 million for its Worksite Division. According to Dan Cahn, Senior Vice President, it was a huge endeavour since they were able to double their sales in just one year. 

So what’s their secret? They highlighted productivity benefits and provided a custom outreach and education program for each employer.  The best approach is to be in sync with the inner drives and essential directives of Americans. It’s more effective to show them how long term care planning can help them protect their kids from setting their lives aside in order to take care of them in the future.

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Long Term Care Insurance Companies Ratings

Long term care insurance companies offer insurance products that help people pay for the high cost of care in the future. There are myriad of companies or carriers that offer long-term care insurance so it’s advisable to explore your options really well and only trust a company that can provide you with a product that can benefit you the most in the future.

It’s important to look up the ratings of a carrier first in order to make sure that you can get your hands on a policy that can satisfy your future care needs. These ratings can help consumers choose a financially sound company in terms of meeting the claims of policyholders and a stable company that is dedicated in providing products and services.

These ratings are conducted by three companies and they are the following: A.M Best Company, Standard and Poor’s and Moody’s Investor Service. It is highly recommended to look up the ratings of the companies first before you make a purchase. Visit this website to find out to learn more about ratings of long term care insurance companies.

Facts about Long Term Care Insurance

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:

1. A past rate increase doesn't forestall additional hikes down the road.
2. Switching insurance companies is not advisable.
3. It's possible to get good coverage by decreasing your benefits.

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Reblogged: Genetics can Affect Long-Term Care Insurance Cost

Genworth is the only long-term care insurance company that considers medical histories of parents as basis for their rates. According to Jesse Slome, the executive director of AALTCI or American Association for Long-Term Care Insurance said that "Insurers are absolutely scrutinizing health conditions more, because they are paying a lot of money in claims." This is common in life insurance but this is a first in the long-term care industry. As of now, Genworth is the only carrier that considers family history as basis for the cost of long term care insurance. 

Original Source: http://www.mainstreet.com/article/genetics-could-spike-the-cost-of-long-term-care-insurance/page/3

Reblogged: Mutual of Omaha is the New Addition to LTC Consumer’s Quoting Tool

Mutual of Omaha is the latest addition to the instant quote tool of LTC Consumer. This carrier is a financially stable and committed in providing products that can help consumers plan for long term care. 

LTC Consumer’s tool is user-friendly and gives consumers instant estimate cost of the insurance product without providing their personal information.  In addition to that, they can have access to important long-term care insurance information like when to purchase and its cost. Consumers also have the option to talk to a licensed long-term care insurance specialist if they have questions regarding the features and different carriers. 

LTC Consumer is an independent and free online service that is designed to help consumers understand long term care insurance policy and guide them in long term care planning. 

Original Source: http://www.virtual-strategy.com/2014/09/10/mutual-omaha-partners-ltc-consumer-new-quoting-tool#axzz3D6dDinZe