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2010: Unsure Times in Long Term Care Insurance?

Yes, But the Urgency for Coverage Remains

There is a lot of debate going on concerning the state of long term care insurance and whether or not a policy is a worthwhile expense to take on. Because the industry is still in its infancy, there have been problems, but there is no escaping the fact that there is a high probability of needing long term care (LTC) and the cost of that care is not going down.

 

Long Term Care Insurance Rate Hikes

The first major concern for those seeking or owning a long term care insurance policy is the possibility of extreme rate hikes. It is true that over the last few years, rate hikes have been the norm. This is because of the newness of LTC insurance. The actuary tables and underwriting policies are not as reliable as they have not been tested over time as they have for, say, life insurance. With unreliable forecasting, LTC insurance providers have seen big losses and are trying to make up for those losses.

 

Unstable Long Term Care Insurance Companies

Another major issue that has brought about uncertainty in the industry is also tied in with the difficulty insurers are having making the policies profitable. Some companies are folding and others are getting out of the LTC insurance line. This makes those purchasing a policy a little uneasy with the thought of making payments month after month and even year after year and not getting coverage when they need it.

 

Need Remains for Long Term Care Insurance

Even though there are questions marks concerning policies, rates and companies, the need for some sort of coverage is there and more important than ever before. Depending upon the intensity of coverage needed, long term care services will generally cost anywhere from $20,000 per year to $100,000. The low number is for home health care and the high number is for intensive nursing home care. Studies show that 70 percent of those over the age of 65 will need some form of LTC and that the average length of LTC is about 3 years. You can see how the expenses can add up quickly and wreak havoc on your finances.

 

Dealing With Uncertainty in the Long Term Care Insurance Market

How do you proceed when faced with so much uncertainty in a product that it is very much needed? The key to making a good decision is to research. Long term care insurance policies can be complex, so research on your own and get help from someone you can trust. Be warned that you may not always get quality information from those who are trying to sell you a policy. Research policies, costs of LTC in your area, companies and policy rates to make a smart decision for you and your family.

 

Shop Smartly for Long Term Care Insurance With Online Rate Quotes

One way to make a long term care insurance policy more affordable is to shop around and compare rates. You can compare rates for the variety of policy elements and options that are available. This will help you get a handle on the cost of paying for a policy and the level of coverage you can get from those payments. Rate comparisons through quotes are free and easily attainable online in only a few minutes. Even though the current state of long term care insurance is unsure, the need for coverage is still there and you have nothing to lose by getting free quotes.

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