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they not only came to the house and did full blood and urine work ups but aids testing and drug testing . but that wasn't as surprising as the memory tests they did on us
I got mine through work when it was first offered because if you signed up immediately, there was no physical or other health criteria to be satisfied. Even though it was earlier than I would normally have considered buying LTCi, I knew that with my medical history (even back then) there was no way that I would have been able to qualify for a policy any other way.
I didn't sign up for the work plan, because I figured the odds were I would be retired before I might need it. I am wondering now if those work plans can be continued after retirement at a reasonable price. Too late for me now, since I have retired, but someone else might want that information.
I didn't sign up for the work plan, because I figured the odds were I would be retired before I might need it. I am wondering now if those work plans can be continued after retirement at a reasonable price. Too late for me now, since I have retired, but someone else might want that information.
About 99% of the employer-sponsored LTC insurance plans can be continued after you retire or if you change jobs.
I purchased a LTC policy about 20 years ago, as it was a new benefit offered by my employer. I locked my bedroom door so I could read it and understand it in a quiet atmosphere. I liked it and therefore bought it. I gave thought to the possibility that an auto accident could render me needing LTC for life in my young age. About 6 years ago my past employer sent out information stating they were changing companies, and provided information about the new company. I could stay with the orignial company or switch to the new company. Rates would go up no matter which company I chose. So again, I had to read and make a decision.
Although the employer changed LTC companies, I stayed with the same one. I have MetLife, I believe the "changed to" company is Prudential(?). My rate increased $35.00 a quarter. That is the only increase I have experienced.
I have had it so long now I'd need to review it to see what it pays/includes. But I am very glad I took it when I was young.
BTW, Dave Ramsey (the financial expert) highly recommends LTCi once one turns 60.
When it comes to LTCI policies, if a person has had a policy for let's say more than a decade....what might happen when:
-- The insurance company would go bankrupt. Is the policy hold SOOL?
-- MUST an insurance company sell their policies to another company?
-- Suppose there's no company that wants those policies?
-- I suppose the new company that takes the policies could then change the premium? Can it change the coverage offered?
-- Could the company require the policyholder to "reapply?"
IF the insurance companies go bankrupt, there is a line of other insurance companies waiting to buy the bankrupt one. It has happened maybe three times in 200 years. WHy, the buying company is buying a revenue stream that they pay no marketing money for.
Each state has a law regarding insurance. You are covered for x amount. I think in NV it was $300,000. THe insurance companies have to pay into this pot each time they have a sale.
I have a policy bought through my RIA.Combo life and LTC. I pay $8500.00 per year locked in. By benefits rise 5% per year. Payout for the insurance if I don't use it, is $300,000.00 I think my bennies per month are at $6500.00 right now.
This company only sells through RIA's. So I pay a flat investment fee per year and he didn't get a huge payout like most agents.
most states require that if you sell insurance in the state if asked to take over the customer base of a failing company in that state you have to comply .
most states will settle with you through guaranty funds .
ltc is really like term life insurance . you are covered each year for what you pay in . you are not paying for future years .
my buddy was 55 and had a stroke and is in a home so you never know when you need it.
your deal can change the same as it does with any insurance .
people get confused here because they think they are prepaying care .
you really are not . you are being covered each year like term life. you hope no one collects .
When it comes to LTCI policies, if a person has had a policy for let's say more than a decade....what might happen when:
-- The insurance company would go bankrupt. Is the policy hold SOOL?
-- MUST an insurance company sell their policies to another company?
-- Suppose there's no company that wants those policies?
-- I suppose the new company that takes the policies could then change the premium? Can it change the coverage offered?
-- Could the company require the policyholder to "reapply?"
Thanks.
I'm thinking they probably raise rates and hoping you drop out.
^^ I know I would definitely expect a rate increase.
If you've had LTCI since you were 50, and the new company has to take you on at 65.
It knows you may have at least a couple of conditions you didn't have at 50.
Either way the company wins.
-- It can up the premium, and you pay more. It wins.
-- If you don't want to pay more, you can agree to less coverage. It wins.
When it comes to LTCI policies, if a person has had a policy for let's say more than a decade....what might happen when:
-- The insurance company would go bankrupt. Is the policy hold SOOL?
-- MUST an insurance company sell their policies to another company?
-- Suppose there's no company that wants those policies?
-- I suppose the new company that takes the policies could then change the premium? Can it change the coverage offered?
-- Could the company require the policyholder to "reapply?"
Thanks.
what might happen when:
-- The insurance company would go bankrupt. Is the policy hold SOOL?
No. Every state has a guaranty fund to pay claims if an insurer goes bankrupt. https://www.nolhga.com/
fyi... nearly 200 companies have sold long-term care insurance in the past 45 years. 3 of them have gone bankrupt. All 3 of them were very small companies that had very low financial ratings.
-- MUST an insurance company sell their policies to another company?
If a company is having financial problems the regulators take the company over and the regulators force the sale of the policies to another company.
-- Suppose there's no company that wants those policies?
Then the guaranty association pays the claims up to the state-specified limits.
-- I suppose the new company that takes the policies could then change the premium? Can it change the coverage offered?
When policies are purchased by a new insurance company, the new company CANNOT change the benefits or the terms of the policies. The premium can be increased if the state regulators approve an increase.
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