Hybrid LTC Insurance Eliminates Uncertainty

[Mr_Ed]

originally posted by Mr_Ed



You still don't get it.

"There are millions of potential policyholders out there who you will never even have a conversation with because they have no desire to purchase a policy".

And, a conversation includes the word "Internet"

There are MILLIONS of consumers who need LTC insurance and they are only a few clicks away.

half full... half empty...

My cup is running over!

 

[Charlie456]

originally posted by ltcadviser



Scott,
The point of the matter is not only do consumers NOT understand the workings of a LTC insurance company and what their justification is for rate increases, they could care less!

All they know is what they know.

And what they know is companies have been raising rates exorbitantly and consistently for years. They don't want to know about Reserves, they don't want to know about Model Regulations and all the other stuff that you think is so important.

They speak to their friends who have policies and based on their friends rate increase experience, they have no interest in purchasing a policy at all.

Just look at the AARP article that started this whole conversation. I think more people look at an AARP article than listen to Scott talking about why the AARP article is not correct.

Yesterday I received a notice from a carrier about some of my CT policyholders.

I sold them policies from 2004-2006 and in 2013 they were all hit with a 40% rate increase. Effective on their 2015 anniversary date they're getting another 12% increase. That's a 52% increase in 2 years.

That's what the consumer population hears, not your explanation about Model Regulations and how new policyholders will never be hit with future rate increses, unless the carriers get permission to raise their rates in the future, which in spite of what you say, is no different than it is today.

Yes, "all they know is what they know".... Until they sit with a good LTCI Specialist. It's our job to explain how it works to them. Not once has a client ever said to me, "you're boring me explaining this rate increase stuff... Let's move on. My clients want to know, and are quite capable of understanding my explanation. Additionally, taking the time to explain how it works as well as the fact that we should anticipate future rate increases prepares them for the day it may (likely) happen to them.

 

[Mathewmiller]

Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.

Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.

 

[goillini52]

Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.

Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.

Great 1st post and very nice job of copying and pasting. Welcome to the Forum.

 

[ltcadviser]

Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.

Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.

Holy Sh!t. Really.
Do you have a citation.