There are many insurance companies offering long term care insurance coverage to local residents. While some are able to find an affordable policy, others realize that making a purchase is a difficult task.
Even if you know it is the right thing to do, buying long term care insurance is easier said than done. One of the primary reasons for this is the increasing cost of coverage. With rate increases becoming more and more common, a policy that used to be affordable may now be out of play for some consumers.
While rates increase at a different speed throughout the country, every consumer is well aware that this could have a big impact on their financial situation. If you have been comfortably paying for a policy, but soon find that the price is on the rise, it may be difficult to keep the coverage into the future.
Most people hope that they are able to keep their policy in place, as they will need it in the future should they require any type of long term care. Unfortunately, this is not reality for every consumer. Many have to give up their coverage because they are unable to find a provider that offers the right coverage at a reasonable price.
Even though there are many insurance companies selling this type of coverage, there is no guarantee of finding an affordable provider. For those who do, they hope that their policy will give them the financial assistance necessary, without delay, should they require long term care at some point later in their life.
Source: My Fox Philly, “Long-Term Care Insurance Policy Costs On The Rise” No author given, Jun. 04, 2014