Long-Term Care Insurance: No More Lifetime Benefits, Agent Says
One of the ways to pay for skyrocketing senior care is through long-term care insurance. But that option is getting more and more out of reach, reports Longmont Weekly, a newspaper in Colorado.
“Lifetime benefits are going away,” said Michael Bellmont, a Boulder County long-term care insurance agent. “Every time they release a new policy, they become a little wiser and revise their rates.”
This means policies available today are more expensive than ones available before. Half of the top insurers in this market have stopped issuing individual policies in the past five years, including MetLife and Prudential. Policies with unlimited lifetime benefits or fixed premiums have mostly disappeared.
People who already had long-term care insurance have seen their rates go up significantly, the article reports. It suggests that while this product isn’t right for everyone, if you’re going to get it, you might want to do that sooner than later.
Read more news about long-term care insurance here.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.