The concern shouldn’t be looking for Long-Term Care coverage. The concern should be the price of the policy. The annual premium for $150 daily benefit went from $1,524 in 2007 to $2,269 this year – a 49% increase. Policies sold today cost 6% to 17% more than they did last year, according to an LTC trade group, and insurers regularly seek double-digit rate hikes on existing policies. Still, insurance can protect against depleting savings on extended care. Insurance costs can be cut by limiting coverage to three years. Inflation protection is a must. Buy as much as you can – at least 3% yearly.
The Illinois carrier recently raised $35 million through a stock offering.
One of the recorded votes on amendments was on a jab at short-term health insurance.
The policy will offer the insureds access to the SilverSneakers and WholeHealth Living Choices programs.
Sponsored by Fidelity Investments
Get insights into the mindset that’s driving today’s advisors to make a move--and help realize their unique business vision.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.