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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 believe Mark Twain didn’t have long term care or today’s news media in mind when he said this a long time ago. Today, it is very easy to put a news story for people to consume. Between traditional TV and radio, there’s a lot of information available on the extended 24/7 news cycle and cable news. The big difference today, just like in the old days anyone with a printing press could print anything they liked, now you just need a computer to create a news story. It seems like just about everyone has a computer or smartphone, and they’re not afraid to use it.

As America ages, the topic of long-term care has become a big one. By 2030, one in four Americans will be over the age of 50. According to the Centers for Disease Control and Prevention, by 2050, 1 in 5 Americans will be over the age of 65. It seems like once you hit your mid-50s, the conversation about long-term care starts to come up. In today’s world, that means you go online to see what information you can find. However, some articles provide misleading or even outright wrong information about long-term care insurance.

We’ve heard the term fake news, but perhaps the best way to define reporting on long-term care is as “lazy news” or “propaganda news.” It seems like everyone has a computer, including myself, with an agenda. How much of this is “truth” is a matter of debate.

Generally, there’s more to a story…and what’s left out is often very important. Reports about rising long-term care insurance rates are highly misleading. They usually leave out a lot of details. The journalists or “professionals” who write these articles usually have an agenda to push the public in a certain direction.

Another thing to keep in mind is that the internet is “old news” too, as anything on the internet is usually never deleted. You may find and read some old content, but the story may have been updated several times since the first one was published, making the information you’re reading obsolete. You have to do more due diligence today to see if you are getting accurate information.

Because the question of planning for the economic costs and burdens of aging is so important to American families, you should know the facts. Often, the reason articles talk about rising premiums is to scare consumers. Perhaps the author wants the government to pay for all long-term care (which won’t happen because too many people need care and the budget is tight because it’s trying to care for people with little or no savings). Perhaps the authors want consumers to spend large sums of money on a certain financial product they sell. Consumers should understand the truth in order to plan ahead and feel more at ease.

These reported increases are primarily for “legacy products.” These are old programs that were priced before the collapse of interest rates and the introduction of rate stabilization regulations.

Today, all plans are priced with the extremely low interest rate environment in mind (interest rates in the U.S. have been low for the past decade). These additions to legacy programs are based on several factors:

· interest rate

Lapse rate (meaning, how many people abandon their policy. In reality, very few do, but this is not factored into the premium pricing of many older plans)

·Experience in claims settlement and underwriting

These policies have also brought huge benefits. In 2017, American families paid more than $9.2 billion in benefits to protect assets and reduce family burdens.

In fact, these older policies were undervalued to begin with, and even with increases, they still offer outstanding value and great benefits. No one likes growth, but you have to put it in perspective. Many of these people I’ve talked to enjoy huge benefits that have grown at a compound annual growth rate of 5% since they had the policy. Many also enjoy unlimited lifetime benefits. Because they have these great benefits, many people can reduce benefits or factor in inflation to keep premiums the same. They remain prominent because their benefits have increased more than the cost of long-term care.

Long-term care insurance policies are still very affordable today as people start buying plans before retirement. Underwriting is more conservative, but since consumers are younger, most will still be able to find a suitable plan.

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

In fact, many insurance companies still sell long-term care insurance. Consumer interest has never been greater. When I talk to other long-term care insurance experts like me, we all notice a huge increase in consumer awareness and interest. Consumers are younger and better informed about the risks (often with first-hand experience with older parents or other family members), and we are bombarded with requests for information and quotes.

Consumers are seeking help from long-term care specialists because most financial advisors and general insurance agents have limited knowledge and experience with products, underwriting, policy design, benefit options, and federal/state partner programs offered in most states. Consequently, some of these professionals push consumers to choose options they are more comfortable with, despite the fact that they may not be the best and most affordable ways to address the costs and burdens of aging.

No matter what you read, long-term care insurance is affordable for most people. With regulation and better pricing, consumers have more peace of mind knowing they have a plan they can rely on for decades to come that will remain affordable once they retire and grow old.

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

A true long-term care specialist will ask you many questions about your health, family medical history, and retirement planning in order to make appropriate recommendations. Anyone who is willing to make you an “offer” without asking many questions should be avoided.

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

In the end, a true long-term care professional won’t steer you toward a certain type of policy without taking the time to talk with you to determine which type of plan is right for your specific situation. Working with a long-term care specialist will give you the accurate information you need. There are several reference sites to research:

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

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

Most people’s main concern is that they know caregiving is difficult. An older spouse cannot be expected to be a caregiver without compromising their own health. Adult children and their own families, careers and responsibilities. Paid care is expensive, drains savings and impacts lifestyle.

For many people, long-term care insurance is simple, affordable income and asset protection with steady rates. It eases the burden your aging has placed on your family. However, talk to a real expert. There aren’t many experienced long-term care professionals, but I help people across the country, and there are many others like me who are doing the same.

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

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