Long-term care insurance premium rate increase Association shared data

Los Angeles, California November 10, 2022 –(PR.com)– The latest information focused on raising long-term care insurance premiums is American Long Term Care Insurance Association.

‘Inflation is not the cause of rate hikes’ Jesse Sloam, director of the organization. “There are many factors driving insurance companies to need to increase rates on older long-term care plans. We needed an up-to-date resource that provided consumers with up-to-date and relevant information.”

Slome said insurance companies have submitted requests to increase rates for certain classes of older policies. “The biggest requests relate to policies that include unlimited or lifetime benefits and policies that include a 5% compounded inflation growth factor.”

According to the association’s website, 29% of the price increases were between 10% and 19% and 31% were between 20% and 29%. “We’re hearing significantly larger requests,” he says Slome. “I understand people get upset when they are notified of rate hikes, but there are always options to ease the situation.”

The Nursing Care Association reports that between 50% and 60% of policyholders chose to pay the increase and keep their original policy. “Obviously, they’re getting older and aware of the value of what they’ve purchased and the fact that they likely won’t be able to get long-term care insurance at any price,” Slome explains.

For more information on the increase in long-term care insurance rates, please visit the latest information center of the following associations. /Long-term care insurance premium rate increase/.

American Long Term Care Insurance Association (AALTCI) advocates for long-term care planning and supports insurance professionals who sell both traditional and hybrid long-term care solutions. To access the information, Or call the organization at 818-597-3227.

contact address:
Medicare Supplement Insurance Association of America Jesse Sloam 818-597-3205
Inquiries by email

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