Will Long-Term Care Insurance Premiums Increase?
What a lot of people try to figure out when shopping around for insurance is how their premiums will change over time. Every insurance provider is different, and while they generally follow the same trends, that doesn’t mean when premium rates increase with one company it’s going to increase with another.
Long-Term Care Insurance Premiums Rancho Penasquitos CA – Will Long-Term Care Insurance Premiums Increase?
How could this be important?
There are numerous men and women all across the country who will begin looking at the prospect of carrying long-term care insurance, but they may not follow through because they’ve heard other people pay premiums for years and then suddenly the premiums increase, they can no longer afford it, and drop the insurance.
So where can you find balance?
As the cost of long-term care continues to increase, due to many factors, not the least of which is the rising cost of healthcare itself but also the increased demand in home care support services, volatility with premiums for long-term care insurance will certainly be a realistic possibility.
The best thing anyone can do is sit down and speak to their insurance broker and talk about locking in the rates. By locking in rates for a specific amount of time, the policyholder will be able to rest assured knowing their policy premiums will not increase during that specified period of time.
It could be for five years, 10 years, or some other duration, and while this individual or their family may not need any type of long-term care during that timeframe, when they reach a point and wish to renew the policy, they could then revisit the prospect of another long-term lock in period.
Is it worth considering?
When there are a number of variables and questions about certain types of insurance, a lot of people take that as a sign it’s not really that necessary. When one calculates the cost of long-term care, either home care, nursing home care, assisted living, or other options, it can quickly erode retirement savings, life savings, and much more.
Protecting an investment is what many people seek to do as they’re working and looking toward retirement. By discounting the value in long-term care insurance simply because premiums may increase at some point in the future (which will happen with almost every other type of insurance as well) it’s throwing caution to the wind and leaving oneself and possibly his or her family exposed to financial hardships in the event long-term care is needed.
If you or a loved-one are considering Long-Term Care Insurance Premiums in Rancho Penasquitos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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