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It’s obvious that long term care insurance carriers are currently in a tight spot as they are faced with many reasons to increase the rate of premiums, but this will risk policyholders who can end up discontinuing annual payments because they can no longer afford it. Apparently, LTCI providers need to come up with more creative ways to encourage people to continue maintaining their premiums. The public, on the other hand, should not cease looking for ways to secure their future health care needs. After all, it’s not the insurance company that will benefit from your annual premium but yourself and your family. Professionals on the field of long term care insurance would like to advise young people to explore their options in the market. They’re basically aiming at the young ones because they have the option to go for low or high premiums. If you’re 50 years old or beyond this age, you have no choice but to settle for a premium that could range from $1,000 or $1,500 to $2,000. Meanwhile, if you’re past 60 years old expect to maintain $3,000 annually while those in their 70s could pay up to $5,000 for premiums. If you happen to be young, single and earning from a lucrative job, you can choose from a wide array of payment methods that will exempt you from the continuous rise in premiums. For instance, if you can afford a single-pay policy you will never be subjected to a rate increase because you only have to settle one premium payment. Though costly, the single-pay long term care insurance has your LTC expenses fully covered should you need long term care anytime or decide to make claims. On the other hand, those of you who are not too confident about the single-pay LTCI can opt for the limited-pay policies integrated with a rate guarantee. This type of policy gives you a fixed rate guarantee period. Within the rate guarantee period, you will not encounter increase in premium. For instance, if you purchase a policy with a 15-year rate guarantee you can pay your premium for 15 consecutive years without the fear of experiencing premium increase down the road. Once you have completed the total amount of your premium, you can make claims from your policy anytime a benefit trigger occurs. Standard-Pay Long Term Care Insurance Policies Many people know of the standard-pay LTCI policies which require continuous premium payments until such time that the policyholder would require long term care. This type of policy is subject to premium increase and policyholders are aware of this, as they are made to sign a form indicating their approval of the said premium increase. However it is possible for premiums of standard-pay policies to increase, this does not happen simultaneously because insurance companies have to seek approval from the state’s insurance department first. Each state is governed by a unique set of rules with regards to LTCI premium increase, as this should be based on the capabilities and needs of its people. ------------------ Complete Long Term Care is a resource website where you can find everything you need to know about Long Term Care insurance and some useful tips on how you can save on your Long Term Care insurance premiums.
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