LTC Tree Agents Discuss Long Term Care Insurance Rate Increases
https://www.youtube.com/watch?v=z1kyo0CUcuw
If you’ve read anything about Long Term Care Insurance in the news, it’s almost a guarantee that you have read about the rate increases that have been happening over the past few years. Journalists and newspapers love to talk about the rate increases and how substantial they are, but they often leave out some of the more important points that could be of help to consumers.
LTC Tree agents held a video discussion recently to discuss the issue of Long Term Care Insurance rate increases, how they work, how policyholders are handling them, and how consumers thinking about buying a policy[…]
Connecticut House Passes Bill to Address Long Term Care Insurance Rate Hikes
The Connecticut House of Representatives recently passed a bill that is designed to mitigate the financial burden of Long Term Care Insurance rate increases on consumers.
Spreading Out the Cost
S.B. 199 would require insurers filing for a rate increase of 20% or more on any Long Term Care Insurance policy to spread the monetary increase out over a period of three years or more. The bill also requires insurers to provide policyholders with advanced notice of a premium rate increase before the increase is implemented, in addition to offering an option for policyholders to reduce their benefits and keep their[…]
Unum Applies for Long Term Care Insurance Rate Increases in Connecticut
A Long Term Care Insurance provider recently applied for rate increases in the state of Connecticut.
Unum
Two divisions of Unum are seeking premium hikes for certain Long Term Care Insurance policies. Provident Life and Accident Company is one of them. They are asking for an increase of 65% of certain policies sold within the state between 2003 and 2009. The rate hike will apply to 260 individual policies.
Like many other companies, Unum and its subsidiaries have been faced with the increasing cost of health care, paired with the higher than expected claims rates.
Many Long Term Care Insurance providers have been forced[…]
State Farm Long Term Care Insurance Requests Rate Increase
State Farm Mutual Automobile Insurance Company recently filed for a substantial increase in rates for their Long Term Care Insurance policies in both Connecticut and Pennsylvania.
Rate revision requests were filed in mid-March for State Farm Long Term Care Insurance policies in Pennsylvania and at the end of April for policies in Connecticut.
Substantial Increase in Rates
The current average premium for State Farm Long Term Care Insurance policies has been around $1200/year in Connecticut and $1800/year in Pennsylvania. 
State Farm is requesting an average rate increase[…]
How to Deal with Rising Long Term Care Insurance Rates
When it comes to retirement planning, you’ve got everything covered. Smart investments, check. 401k or pension, check. Insurance policies squared away, check. You’re even one of the savvy Americans who’ve already purchased a Long Term Care Insurance plan to make sure you’ll be able to cover your long-term care needs in retirement. But, suddenly, you are informed that your Long Term Care Insurance rates are going to be increased. You become worried about whether you can keep up with the payments or, more practically, whether paying Long Term Care Insurance ratesk is even a smart investment of your hard-earned money.[…]
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