Life insurance with a long-term-care or critical-illness rider can be a better choice than a stand-alone LTC policy, but consumers need to know the differences between the types of riders, writes Rod Rishel of AIG Consumer Insurance. One factor is that LTC riders are required to have consumer-protection provisions, while…
Regulators are considering exempting insurers with small, closed blocks of long-term care insurance from asset-adequacy analysis requirements, according to conference call minutes from a National Association of Insurance Commissioners meeting. LifeHealthPro (8/30)
Bonnie Burns of California Health Advocates told a National Association of Insurance Commissioners subgroup that long-term-care insurers should tailor some products to protect low-income people from financial ruin. Burns' suggestions include partnering with Medicaid to help low-income people keep long-term-care policies, offering premium subsidies and streamlining the claims process. LifeHealthPro…
Innovative approaches to providing long-term care involving annuities, life insurance and other savings products are gaining industry acceptance, said Teresa Miller, Pennsylvania insurance commissioner and chairman of a National Association of Insurance Commissioners committee looking into long-term care insurance. "If we break down some barriers to allow for more innovation,…
Medicaid had 43% of its fiscal 2012 expenditures go toward long-term supports and services, while 6.2% of beneficiaries needed such services, according to a report from the Medicaid and CHIP Payment and Access Commission. The report says the disparity highlights the need for better collection of data on beneficiaries' needs….
A National Association of Insurance Commissioners report encourages shifts in the benefits and financing structure of long-term-care insurance policies to improve sales. The recommended changes include creating shorter-term and high-deductible policies, offering tax credits for long-term-care expenses, and waiving penalties for retirement-plan withdrawals to pay for long-term-care insurance. InsuranceNewsNet online…
Americans don't buy long-term-care insurance despite warnings Health care is expected to cost couples hundreds of thousands of dollars during retirement, making it one of the most difficult expenses to manage. Most Americans neglect long-term-care coverage, even though this service can cost tens of thousands of dollars annually. BenefitsPro.com (5/25)
Many states have adopted regulations that set limits for premium increases on newer long-term-care insurance policies. Steve Cain of LTCI Partners says such rules might be causing insurers to greatly increase premiums on older policies. U.S. News & World Report
Financial advisers can help clients with decisions on long-term-care insurance by starting discussions about such coverage early, even with clients in their 30s and 40s, Kimberly Foss writes. Advisers also should lead clients to affordable policies and keep emotions out of the decision, Foss writes.Financial-Planning.com
A website created by Lincoln Financial Group shows which states have the highest and lowest costs for long-term care. The national average for long-term care ranges from $2,860 per month to $14,386, depending on the setting and level of care needed. BenefitsPro.com
Main office
BROOKLYN OFFICE
Copyright © 2023 BrokersCentral. All Rights Reserved.
