With more and more Boomers entering retirement every day, the cost of retirement is a common topic. One cost in particular is gaining more momentum in discussion because of just how expensive it is and how few people are prepared for the high price: long term care.
Good news for Long Term Care Insurance policyholders in Virginia: the chances of having your policy lapse without your knowledge just got a whole lot lower. After months of back and forth between state regulators, policy makers, and consumers, a new rule has been created to help protect consumers from accidental lapses in their policies.
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.
The Pennsylvania Long Term Care Commission held its first public meeting last week. The meeting is the first of many regional public meetings that are meant to garner public input on the state’s long term care system as it is now and suggestions for future improvement.
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.
The management of California long term care facilities is about to get a much closer look.
Audit of System Management
At the request of California legislator Mariko Yamada (D- Davis), the state’s management of long term care facilities will undergo an audit. Yamada is the chair of the Aging and Long Term Care Committee.
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.
New data says that long term care residents who qualify for Medicaid but not Medicare accrue the most expenses for their state’s program.
The US Government Accountability Office released a report detailing the expenditures of Medicaid beneficiaries based in their form of payment.