Covid-19 is impacting pricing and benefit options for those considering long-term care insurance according to the American Association for Long-Term Care Insurance (AALTCI).
“Insurance companies are raising rates for new applicants, they are changing benefit options and in certain states limiting the ages of applicants,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.
The organization has posted a webpage designed to provide helpful information to consumers. “There is increased interest in long-term care issues especially after we’ve seen nursing homes ravaged by Covid-19,” Slome notes. According to the latest data shared by AALTCI, over 40,000 nursing home residents have died as the result of the pandemic.
“There are so many misconceptions about long-term care planning and particular insurance that we felt the need to have a resource to send consumers,” Slome added. “For example, Covid-19 has strengthened our resolve to position long-term care insurance as nursing home avoidance assurance because the vast majority of policyholders use the benefits to remain in their own home.”
The new resource explains reasons to act sooner rather than later. “Several insurers have or are about to increase rates on new policies,” Slome shares. “Typically other companies will follow suit so now could be a good time to lock in rates.” In addition, insurers who typically accepted applicants from individuals up to age 70 and 75 have lowered the age caps. “In some cases it’s as low as 64 and some linked-benefit policies are now requesting that applicants age 70 or older pay via a single premium payment which can amount to $100,000 or more.”
To access the Covid-19 and long-term care insurance planning information visit the Association’s website. To connect with a specialist for long-term care insurance quotes and information call the organization at 818-597-3227.
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