Long-term health care insurance is one of the most important and popular products for protecting oneself with age. It’s also evolving, serious changes are coming to most LTC insurance plans that could have big consequences for everyone involved. That’s why if you or someone you care about either has or is interested in obtaining LTC insurance you need to know what comes next. Here are some of the biggest LTC insurance trends that are on the horizon.
– Cheaper Policies:
Many LTC insurance carriers have begun implementing policies that are shorter term, and thus cheaper. The drawback is that these policies typically provide more limited protection.
– Moving Online:
Like many other companies, LTC insurance carriers have been looking for ways to maximize efficiency via the internet. Soon customers may have to head online in order to purchase or manage insurance.
Insurance companies have begun to experiment with providing LTC insurance bundled with other health or life insurance policies. This could mean that elders can find all of their insurance needs in one place, or it could mean that those who only want LTC insurance will be stuck with more than they want.
– Updated Premium System:
LTC insurance premiums have been stuck in a cycle of staying steady for a few years before jolting upwards to combat lessening investment returns. Companies have begun to test implementing smaller, more regular, increases that will occur each year.
All of these coming trends can be a lot to digest and it’s easy to get overwhelmed just thinking about having to adapt to so many alterations to LTC insurance. Luckily, at Morgan Legal Group, we’re here to help take some of the stress out of aging. Our lawyers can help you every step of the way through Medicaid planning and also take the stress out of aging through a myriad of elder law and estate planning services. Why try to tackle the complexities of LTC insurance alone when we’re here to help?