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What Have You Read Lately About Long-Term Care Insurance?

“Never let the truth get in the way of a good story.” I’m sure Mark Twain wasn’t thinking about long-term attention or today’s media when he said that long ago. Today it is very easy to place a news story for people to consume. Between traditional TV and radio, an expanded 24/7 news cycle with cable news, there is a lot of information available. The biggest difference today, like the old days when anyone with a printing press could print anything they wanted, now you only need a computer to create a news story. It seems almost everyone has a computer or smartphone and they are not afraid to use it.

The issue of long-term care has become a big issue with an aging America. By 2030, 1 in 4 Americans will be over 50 years old. By 2050, 1 in 5 Americans will be over age 65, according to data from the Centers for Disease Control and Prevention. It seems that once you hit your 50s, long-term care starts to get talked about. In today’s world, that means getting on the Internet and seeing what information you can find. However, some articles provide misleading or even completely wrong information about long-term care insurance.

We’ve heard the term fake news, but perhaps what’s written about long-term care is best defined as just “lazy news” or “advocacy news.” It seems that everyone with a computer, including myself, has an agenda. How much of this is “true” is up for debate.

There’s usually more to a story…and the things left out are usually very important. The stories about long-term care insurance premiums going up are very misleading. They tend to leave out a lot of details. The journalists or “professionals” who write these articles often have an agenda to push the public in one direction or another.

The other thing to remember is that the internet is also “old news”, as nothing is usually deleted on the internet. You may find and read something old, but that story may have been updated numerous times since the first story was published, making the information you’re reading out of date. You need to do more due diligence today to see if you are getting accurate information.

Because the issue of planning for the financial costs and burdens of aging is so important to American families, you should know the facts. Often the reason articles talk about premium increases is to scare the consumer. Maybe the writer wants the government to pay for all long term care (not going to happen as too many people require care and budgets are tight as they are trying to take care of those with little or no savings) . Perhaps the writer wants the consumer to spend large sums of money on a certain type of financial product they are selling. The consumer should understand the truth, so they can plan ahead with more peace of mind.

These increases being reported are primarily for “legacy products.” These are old plans that were priced long before falling interest rates and rate stabilization regulations.

Today, all plans are priced with the very low interest rate environment in mind (interest rates have been low in the US for the past decade). These old plans that had increases were based on a few factors:

· Interest rate

· Lapse rates (ie how many people drop their policies. In practice, very few do, but this was not factored into the premium prices of many old plans)

· Experience in claims and underwriting

These policies are also paying huge benefits. In 2017, more than $9.2 billion in benefits were paid to American families to protect assets and ease the family burden.

The fact is, these old policies were priced low to begin with, and even with increases, they still have exceptional value and tremendous benefits. No one likes a raise, but you have to put it in perspective. A lot of these people I talk to have huge benefits that have been increasing by 5% increased every year since they had the policy. Many also have unlimited benefits for life. Because they have these huge benefits, many may reduce the benefit or inflation factor to keep the premium the same. As their benefits increase so much more compared to the cost of long-term care, they are in an exceptional position.

Today’s long-term care insurance policies remain very affordable as people start buying plans before retirement. Subscription is more conservative, but since consumers are younger, most people can still find a suitable plan.

Experts say the risks of increases are small, but like anything there is always the possibility of an approved increase. However, if you read some of the articles being published, you would think that the industry is dead and consumers no longer have any interest in the product.

The fact is that there are still numerous insurance companies that market long-term care insurance. Consumer interest has never been greater. As I speak with other long-term care insurance professionals, like myself, we have all noticed a huge increase in both consumer awareness and interest. Consumers are younger, more risk-aware (often with first-hand experience with an elderly parent or other family member) and we’re bombarded with requests for information and quotes.

Consumers seek help from long-term care specialists, as most financial advisors and general insurance agents have limited knowledge and experience with products, underwriting, policy design, benefit options and the federal/state partnership program that is available in most states. Therefore, some of these professionals push consumers toward options they feel most comfortable with even though they may not be the best and most affordable way to address the costs and burdens of aging.

Long-term care insurance, despite what you read, is very affordable for most people. With regulation and better pricing, consumers enjoy added peace of mind knowing they have a plan they can count on for decades to come that will remain affordable as they retire and age.

Many people can get exceptional coverage for less than $150 a month, some even for less than $100. Premiums are based on your age when you get a plan, your health and the amount of benefits you want to have. Most of the people I talk to across the country are between 45 and 60 years old.

A true long-term care specialist will ask you numerous questions about your health, family history, and retirement plans in order to make the right recommendation. Anyone willing to give you “quotes” without asking many questions should be avoided.

Long-term care insurance is custom designed. In addition, each insurance company has its own underwriting criteria. A true long-term care specialist will represent most or all major companies. They will have a strong understanding of underwriting and policy design. They should have processed many claims, so they have first-hand knowledge of how these policies are used at the time of the claim.

Finally, a true long-term care specialist won’t steer you toward a certain type of policy without spending time talking with you to determine what type of plan fits your specific situation. Working with a long-term care specialist will give you the precise information you’re looking for. There are several reference websites for research:

LTC News offers articles and resources: http://www.ltcnews.com

US Department of Health and Human Services: https://longtermcare.acl.gov/

The main concern for most people is that they understand that care is difficult. An elderly spouse cannot be expected to be a caregiver without affecting their own health. Adult children and their own families, careers and responsibilities. Paid care is expensive and drains savings and affects lifestyle.

For many, long-term care insurance is easy, affordable, with a stable rate of income and asset protection. Reduce the burdens that aging will place on your family. However, talk to a real specialist. There aren’t many long-term care specialists with extensive experience, but I help people all over the country and others like me do too.

This will give you and your family great peace of mind and this is not fake news.

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