In the next month, some big changes are happening within the Long Term Care Insurance market. If you happen to be shopping for policies at the moment, it’s important that you are aware of the upcoming changes and how they will affect your buying ability.
The cost of living in California is quite high; Californians know this. What many of them don’t know, however, is that there is a big expense that could trip them up during retirement. Long term care poses a financial risk to those people who haven’t set up a plan to cover the costs, which, unfortunately, is most people.
Connecticut Governor Dannel Malloy signed two bills into law last week that pertain to Long Term Care Insurance and potential rate increases. The bills seek to help educate consumers about the possibility of rate increases and protect policyholders from exorbitant rate hikes that could cause some to cancel their policies.
When people begin looking at Long Term Care Insurance policies, there is often a tendency to put off the actual purchase until later down the road. While rushing the decision isn’t a wise move, waiting too long to buy can cost you, too, sometimes much more.
We spoke with a client last month who was beginning to look into buying Long Term Care Insurance. Carol lives in St.
Using a financial advisor to help you plan for retirement can be a great choice: it can help you get a better grasp on your finances, understand specific goals and targets for savings, and provide you with information that you otherwise might not know.
The Connecticut Department of Insurance has rejected more applications for Long Term Care Insurance rate increases, this time for MetLife Insurance Company of Connecticut.
MetLife in Connecticut
MetLife submitted applications for 13 separate rate increases on Long Term Care Insurance policies in the state of Connecticut.
Several of the top Long Term Care Insurance companies have been forced to raise premium rates in the past few years due to a number of factors. Amidst all the rate increases, some policyholders have been less than pleased, but others have taken it in stride, recognizing that there is indeed a good reason behind the increases.
Every one plans for retirement. Whether it’s saving money to retire, planning to retire part-time and use your newfound time to engage in some old hobbies, or simply dreaming about your life of leisure to come once you leave the workforce, it’s safe to say all workers plan for retirement in one way or another. Unfortunately, most workers overlook some vital aspects of planning.
Genworth President and CEO Tom McInerney is reaffirming the company’s commitment and new approach to the Long Term Care Insurance industry.
Confident in Market
In a recent short video, McInerney spoke of the excitement within Genworth about the Long Term Care Insurance business and their confidence moving forward after completing their in-depth review of the industry in 2013.
Premiums for CalPERS Long Term Care Insurance products are set to increase next year, and many policyholders have already responded to the increases by cutting their coverage.
A rate hike of 5-85% will take place in 2015 and 2016 for members of the California Public Employee Retirement System.