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More insurers offer products to cover long-term care : Long Term Care Insurance Network

More insurers offer products to cover long-term care

By administrator | Aug 15, 2015

More insurers offer products to cover long-term care
News from CNBC:

Life combination products are not standardized, and long-term care payouts vary widely depending on carrier and policy. So it’s important to shop around and know exactly what your benefits will be if you require long-term care. You will also have to submit health information to the carrier to see if you qualify for coverage. As with standard long-term care coverage, the sooner you apply, the cheaper the policies may be, depending on your health.

Most life combination products require a single premium payment to begin coverage. To buy a meaningful long-term care benefit a person will have to write a check for $ 50,000 or more for a life combination policy, according to estimates from the American Association for Long-Term Care Insurance. Some carriers are allowing people to split their premium payments over two years, Ho said.

Carriers are still experimenting with better ways to cover long-term care costs, said Samantha Chow, senior life and annuities analyst at the Aite Group.

Combination products allow less financially stable people to purchase long-term coverage,” Chow said. “It’s a relatively new market and insurers are still figuring it out.”

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Related News:

Federal Long-Term Care Insurance Just Got More Expensive for Some
News from GovExec.com:

This story has been updated.

Premiums increased Aug. 1 for new enrollees in the Federal Long Term Care Insurance Program, according to the Office of Personnel Management.

OPM sent agency benefit officers a notice on Monday informing them of the rate increases, which do not affect current enrollees in the FLTCIP. The notice said the agency and insurer John Hancock periodically review program pricing “to assess the adequacy and appropriateness of the premium rates available to new FLTCIP enrollees.”

The new premiums — which, for now, affect only new enrollees — apply to all plan options, including those under both the automatic compound inflation option (ACIO) and the future purchase option (FPO). Enrollees who choose ACIO pay higher premiums up front to avoid annual increases for inflation, while the future purchase option automatically updates premiums for inflation.

The program does not include a federal match for employee-paid premiums.

OPM did not specify what the average rate increase is under the program going forward. The Federal Long Term Care Insurance Program, which was created in 2002, assists with health care costs for participants who need help with daily personal functions, or who have a severe cognitive illness, and covers home care or care in a nursing home or assisted living facility — benefits not often in…………… continues on GovExec.com

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