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Many insurance companies offering new long term care options

It does not matter if you are one of our California readers or live in another part of the country, there is a good chance that you are interested in purchasing long term care insurance.

For some, this is a simple purchase as they have the money to get the coverage they need. Others, however, find that they are faced with a challenge for one reason or the next. From being on a tight budget to having health concerns that lead to a higher premium, they have to deal with a variety of questions along the way.

Long term care insurance has received a bad reputation over the years, thanks in large part to the fact that premiums continue to increase. Many insurance companies have admitted to making mistakes in the past, such as pricing policies too low to begin with. As a result, consumers who purchased in the past are often faced with a premium increase of as much as 90 percent.

Fortunately, there are new products being offered by insurance companies to ensure that a larger group of people are able to afford coverage. Not only do these products ensure more price stability, but they provide a return on the money invested in the policy.

The two newest additions to the industry include single premium combo long term care insurance and annual funding long term care insurance. While not offered by all companies, many are beginning to sell both types.

With consumers becoming increasingly concerned about the cost of long term care insurance, new products will continue to grow in popularity.

Source:  The Huffington Post, “Two New Ways to Buy Long Term Care Insurance” Terry Savage, Mar. 25, 2014

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