Depending on what you read, you might think there are very few options to plan for future long-term health care. Articles suggest that insurance companies have left the business, and there are only a few offering these products.
Yes, like most industries, as they mature, fewer insurance companies are offering long-term care solutions. Yet, the remaining companies are some of the most well-known and financially secure companies in the insurance business.
First, understand that even if a company no longer offers new coverage, the policyholders still have their coverage in force, and it cannot be canceled. Tax-qualified Long-Term Care Insurance is guaranteed renewable - meaning as long as you pay the premium, the insurance company must keep your policy in force.
LTC Insurance Policies are Guaranteed Renewable
By the way, traditional Long-Term Care Insurance premiums are intended to remain level and only can increase if the insurance company gets approval from the state's insurance department.
Older legacy products sold decades ago have had increased premiums since they were never priced for the extremely low-interest environment. Most states have rate stability rules in force today, making it harder for a future increase on today's products - Why Are There Articles About LTC Insurance Premiums Going Up? | LTC News
Asset-based or 'hybrid' policies can never have future premium increases. Hybrid policies can be paid with one single premium or over a handful of years; either way - the insurance company can never increase the premium. Plus, these policies come with a death benefit.
Even limited duration or 'short-term' policies are available in many states - Hybrid Long-Term Care and Short-Term Care Options | LTC News
Big Names - Peace-of-Mind
There are some big names in long-term care. Some of the most well-known and financially strong companies have available products for traditional Long-Term Care Insurance, Hybrid policies, and short-term plans. These include:
- John Hancock
- Mutual of Omaha
- National Guardian Life
- New York Life
- One America
- Pacific Life
- Securian Financial
- Thrivent Financial
Research and Compare LTC Insurance Options
You can learn more about these and other companies and compare here - Top Insurers for Long-Term Care Insurance | LTC News.
Which companies are better than others? The only good policy is the one you have in force when you need care in the future. Premiums can vary over 100% between companies. Underwriting rules also vary.
We all face the risk of needing help with daily activities or even supervision due to cognitive decline as we get older. Long-Term Care Insurance is medically underwritten and priced, in part, by your age when you obtain coverage.
Buy Younger if Possible - Save Money
The best time to purchase Long-Term Care Insurance is when you are in your 40s or 50s when you can take advantage of lower premiums and qualify for good health discounts.
Remember, long-term care costs are expensive and get more costly every year - Cost of Care Calculator - Choose Your State | LTC News. Family caregivers face enormous physical and emotional strain.
LTC Insurance gives you access to your choice of quality care at home or in a quality facility. Your loved ones will have time to be family and not have to become your caregiver. Everyone will enjoy peace of mind.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
Is Long-Term Care Insurance right for you and your family? Which type of plan is best for you? Will pre-existing health issues make it harder for you to obtain coverage?
Start your research early and seek the help of a licensed and qualified specialist who represents the top companies - Work With a Specialist | LTC News
Research Tools Available on LTC NEWS
Research possible long-term care solutions by reading The Ultimate Long-Term Care Guide.
Find a licensed and trusted specialist to help you shop for the best coverage at the best value - Work With a Specialist | LTC News.
Reverse Mortgages Can Be Part of a Plan
If most of your assets are tied up in your home, today's reverse mortgages might help as the solution for either funding Long-Term Care Insurance or paying for care - Reverse Mortgages | LTC News.
Need Care Now? Need Help with LTC Insurance Claims?
You might have a parent or other family member who needs care now. If they have a Long-Term Care Insurance policy, be sure they use it. Get free assistance in making a claim.
LTC NEWS provides free assistance with no obligation - Filing a Long-Term Care Insurance Claim | LTC News. You can also help find caregivers and get recommendations for a proper care plan, whether a person has a policy or not.
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