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Behind the Big Rate Increases in Long-Term Care Insurance
This blog post: https://retiredguyusa.com/long-term-care-insurance-premiums/
If you bought your policy at middle age and have kept it a few years, you have probably been hit with big rate increases. Many insurers have begun deleting their product lines and the number of policies has fallen drastically.
Long-term care insurance helps pay for nonmedical care when you can no longer live independently. It pays for help with dressing, eating, mobility etc. Long-term care is very expensive but many people think they will die before they need it. But nearly 70 percent of people 65 and older will need help with daily activities in their later years.
Medicaid is the primary payer of last resort for long-term care for the poor but only kicks in after a person’s assets have been drained. Medicare doesn’t cover long-term care for very long. A MEDIGAP policy will help cover your co-pays in the short-term.
The companies raised rates because people are living longer and are sicker than expected. Also, companies earnings (from which benefits are paid) are depressed due to the Federal Reserve easy money policy of low interest rates and massive money creation.
https://www.cms.gov/ Medicaid Services
https://www.medicare.gov/ Medicare
https://alz.org/ Alzheimers Association
Do you have a plan for long-term care?
Please SUBSCRIBE, COMMENT, and SHARE this podcast with others!
--------------------
I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or go ask your mother!
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/
View all episodes
This blog post: https://retiredguyusa.com/long-term-care-insurance-premiums/
If you bought your policy at middle age and have kept it a few years, you have probably been hit with big rate increases. Many insurers have begun deleting their product lines and the number of policies has fallen drastically.
Long-term care insurance helps pay for nonmedical care when you can no longer live independently. It pays for help with dressing, eating, mobility etc. Long-term care is very expensive but many people think they will die before they need it. But nearly 70 percent of people 65 and older will need help with daily activities in their later years.
Medicaid is the primary payer of last resort for long-term care for the poor but only kicks in after a person’s assets have been drained. Medicare doesn’t cover long-term care for very long. A MEDIGAP policy will help cover your co-pays in the short-term.
The companies raised rates because people are living longer and are sicker than expected. Also, companies earnings (from which benefits are paid) are depressed due to the Federal Reserve easy money policy of low interest rates and massive money creation.
https://www.cms.gov/ Medicaid Services
https://www.medicare.gov/ Medicare
https://alz.org/ Alzheimers Association
Do you have a plan for long-term care?
Please SUBSCRIBE, COMMENT, and SHARE this podcast with others!
--------------------
I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or go ask your mother!
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/