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Claims for long-term care insurance policyholders have priority over stockholder profits. GE stockholders may not be happy, but GE long-term care insurance policyholders are. Long-term care insurance is great for policyholders... not-so-great for stockholders.
There are several factual errors in this post. The most egregious errors are: 1) "40% of people who apply for the policies are turned down for health reasons". Only about 1 in 6 applications for long-term care insurance are declined due to poor health. The 40% statistic is true only for those who apply for long-term care insurance after their 70th birthday. Most people apply for long-term care insurance in their fifties. Their decline rate is 13.9%. 2) "the policies do not offer life coverage." There are companies that sell policies that have no limit for how long they can pay for care. You could need care for 30 years and the policy would never run out of benefits. Those companies that don't offer unlimited policies have policies that start off with $500,000 to $1,000,000 in benefits. These amounts grow each year according to the policy's inflation benefit. Spouses/Partners can also share benefits, doubling these totals. Obviously the person from your office who wrote this article is not aware of these basic facts about long-term care insurance in Massachusetts. I thought you may want to be aware of this so that your website would not have misleading information on it. If you have any questions feel free to contact me. Sincerely, Scott A. Olson 877-727-9582
The sources I've seen contradict this statement: with the average premium purchased for long-term care insurance being $5,000 per couple annually The average premiums I've seen are closer to about $1,500 per year per spouse.
Most people overestimate the cost of a good long-term care policy. A healthy, married couple in their mid-fifties, can share a policy that starts off with over a half million in benefits for about $100 per month per spouse. There’s a new type of government-approved long-term care policy that can protect your assets from Medicaid even after the policy runs out of benefits. Here’s an explanation of how these policies work: Scott
Great article, Mr. Wiggins. Some insurance companies are giving their policyholders the opportunity to "upgrade" or "exchange" their policies for "Partnership-Qualified" policies. Your readers should contact their insurance agents (or the insurance company directly) and find out if their policy can meet the requirements of the LTC Partnership program. Scott A. Olson
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Jan 21, 2011