DOL & Long Term Care Planning

[Mr_Ed]

Well, that's true enough -increases are regulated and not automatic -although sometimes it looks close to automatic, at least in my state.

I was more referring to the contractual right in LTC paper that gives the carrier the means to raise rates. Given the cost of health care, they were wise to leave a way to mitigate losses, much like P&C carriers.

so all of your clients have had rate increases on their Allianz policies?

 

[Charpress]

No, Allianz has been pretty fair, as far as I know. That might be partly because it is a very small part of their business and as mortality takes it's toll, no part of their business. Meanwhile, knowing Allianz, they would tend to lay low on this and not generate any bad publicity on raising LTC rates.

However, I did have a client with another carrier (don't remember which) and his rates went from something like $4,000 to $6,000 the year he turned 82.

Any way you cut it, the main problem with LTCI is sort of the same with term insurance -age is your enemy. The longer you avoid needing a nursing home, the more it is going to cost you.

 

[Arthur Rudnick]

originally posted by Charpress

.... the big, BIG, drawback of LTCI: it is about the only insurance product that can raise rates almost at will (as long as a whole class is raised).

The only one? Did your health insurance premiums ever increase? How about your auto insurance or your homeowner's insurance?

There is a horrendous statistic out there showing that about one-third of LTC policies are dropped before they are ever used

Would you like to share the source of this "horrendous statistic"? Probably not because one-third is a bogus number.

 

[Mr_Ed]

originally posted by Charpress



The only one? Did your health insurance premiums ever increase? How about your auto insurance or your homeowner's insurance?



Would you like to share the source of this "horrendous statistic"? Probably not because one-third is a bogus number.

Here's referring to that stupid "study" conducted by the CRR.

You can read a very well-researched refutation of that study here:

https://www.ltcshop.com/2015/10/19/...ple-let-their-long-term-care-insurance-lapse/

 

[ltcadviser]

Thanks for the tip.

They seem to be oriented more towards B2B, as in providing or consulting on LTCI as an employee benefit package.

Do you feel they would work well with an individual producer who, frankly, would not be going 100% after LTC sales.

Yes, they are absolutely well equipped for the individual producer. I worked with them extensively between ~2003-2010. Great outfit for LTC assistance.

 

[kpbdy99]

LTC Partners is a quality bunch of folks who know their stuff. They'd be an excellent resource for you.

 

[scagnt83]

Thanks for the tip.

They seem to be oriented more towards B2B, as in providing or consulting on LTCI as an employee benefit package.

Do you feel they would work well with an individual producer who, frankly, would not be going 100% after LTC sales.

Steve they are perfect for you. I have worked with them and had nothing but good results with them. They are an excellent resource for ltci, even if it is not your main thing.

 

[wln417]

Does anyone work with Dr.Kraig Coleson of the Long Term Care Resource Center ? Ltcrc.com Recommend or not recommend?