Joining the ranks of numerous other long term care insurance providers, Manulife announced last week that they will be seeking rate increases on policies. Executives at the company discussed the upcoming move in their third quarter earnings call on Thursday.
With the Affordable Care Act’s new health exchanges open, questions are swirling about what exactly is covered under the newly offered insurance policies and what they cost. Something important to keep in mind about the new law is that health insurance, even that provided under the Affordable Care Act, does not cover the cost of long term care.
According to a press release published by Genworth Financial, the company has begun filing for in force rate increases on some of their past long term care insurance products.
People shopping for a long term care insurance policy will notice that there are a lot of different choices, many of which can be confusing to those who have never dealt with this type of policy before. One option in particular, the Guaranteed Purchase Option, is often offered as a rider, but young buyers should stay away from this rider to avoid future financial disaster.
Transamerica released their most recent Long Term Care Insurance product today. Trans Care III, hailed by the company as “the next-generation of long term care insurance” is now available for quotes and applications.
Transamerica is one of many companies who have recently fallen in line with the latest industry method of gender-based pricing.
Thrivent Financial is now selling Long Term Care Insurance once again. Thrivent, a non-profit Minneapolis-based company, announced welcome news for the Long Term Care Insurance industry in October 2012. The Thrivent LTC policy will compete with many other private-market offerings, and has a fairly standard set of options for those planning for the risk of Long Term Care.
If you’re considering purchasing Long Term Care coverage at work, you may want to weigh the seemingly low prices with some of the fine print and other limitations that come with this type of Long Term Care Insurance. After all, LTC plans are complicated, so you want to be sure you’re comparing apples and apples.
Virtually all companies who sold Long Term Care Insurance over a period of many years have had to go back and adjust rates on existing policyholders. Mutual of Omaha has increased rates on several policy forms it sold in the past. The reasons for rate increases vary, and this page is general in many ways and not specific to Mutual of Omaha.
To get ballpark figures of how much Long Term Care Insurance Costs, check out our Online Calculator.
Federal Employees have access to a great Long Term Care program called the FLTCP 2.0. This plan is administered by John Hancock and provides a simple Long Term Care plan for Federal employees and their spouses.
Every type of insurance has its major players, and it seems that the players are different for different types of coverage. For example, for auto and property insurance, State Farm is the dominant company, followed by major carriers like Progressive, Geico, Nationwide, Allstate, etc.