Why You Shouldn't Wait to Purchase Long-term Care Insurance

Arthur Stein Financial, LLC |
If you're thinking about purchasing Long-term Care Insurance (LTCi), now is a good time to act. The leading seller of LTCi, Genworth Financial, has announced higher pricing and the elimination of some attractive plan features starting April 1.
Changes include
  • Higher premium rates,
  • Some type of claims offset on all compound inflation options,
  • Stricter health underwriting (will start checking family history and requiring a medical exam),
  • Elimination of unlimited benefit option,
  • Stricter interpretation of couples discount option and
  • Less attractive Informal Caregiver option.
These changes only apply if you purchase after April 1. If you apply before April 1, you lock in the current policy benefits, premiums and underwriting. Remember, once benefits are approved, the carrier cannot reduce them.
The need for Long Term Health Care protection hasn’t changed, and long-term care insurance continues to deliver when coverage is needed the most – at the time of claim. That’s why I want to provide you the opportunity to take advantage of what is available now.
Please contact me to discuss this…. soon! I will compare what can be purchased from Genworth and other companies and help you pick the policy that best fits your needs.
My goal is to be “one-stop shopping.” By fairly presenting policies from all the best companies, I eliminate the need for you to see multiple agents. I don’t care which company’s policy is chosen, as long as it is the right one. The most cost effective policy varies, depending upon benefits chosen, age, state of residence, and budget.