Long Term Care Insurance Rate Increases

I have told clients for over 13 years that there are no fixed guaranteed premiums in the Long Term Care Insurance marketplace…what we can do is lock in your insurance age and preferred health discounts or any other group and marital discounts you might qualify for…we have seen medical insurance rates increase by double digit %’s every year for over a decade.

Now, we have John Hancock, Met Life, and Genworth increasing premiums by 10-40% depending upon state approval…

All comparisons show that pricing for someone who purchased coverage over 3 years ago is still spending significantly less despite a new rate increase than new purchasers of product today.

The lesson here is simple…DON’T WAIT TO BUY LONG TERM CARE INSURANCE!

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