Consumers facing increased costs for their long-term care insurance can benefit from new information posted by the American Association for Long-Term Care Insurance (AALTCI).
“No one likes to pay more money and over the past few years, thousands of consumers who purchased long-term care insurance have received notices that their policy premiums will be increasing,” explains Jesse Slome, director of the group. “We gladly explain to consumers what their options are but believed that posting a comprehensive resource of information online would be beneficial.”
The Association includes information regarding why rate increases on older long-term care insurance policies have been necessary. ”Most important, I share some thoughts on what consumers should consider when notified their policy cost is increasing.”
Links to historical rate increase data for five insurers offering long-term care insurance are included. The companies include Genworth, Transamerica, Bankers Life & Casualty, Mutual of Omaha and New York Life. “We get many calls regarding this information so having one single resource that we could direct people to would be beneficial,” Slome adds.
“One of the most helpful pieces of information are examples of what new coverage would cost today,” Slome explains. “Consumers with older policies have some outstanding benefits and even after the rate increase they will still be paying far less than the cost of a new policy.” As an example, a couple who are currently age 75 purchasing a policy with a five-year benefit and a five percent inflation protection growth option could pay $20,500. “Even with the highest rate increases we’ve heard of they would still be paying far less,” Slome explains.
To access the information, visit the Association website or go to www.aaltci.org/rate-increases for more information.
The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning. The organization connects consumers with knowledgeable professionals who are independent advisors for no-cost, no-obligation long-term care insurance quotes and policy comparisons.
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