Tag: Long Term Care Insurance

Younger Americans are seeking long term care insurance policies

Nordstrom
Long Term Care Insurance Policies - Hospital room

vA MassMutual survey showed that the demand continues to remain solid among consumers. Long term care insurance policies continue to hold their appeal among younger Americans, according to the results of a recent MassMutual survey. Insurers have been withdrawing from this market which comes with expensive chronic care benefits. Despite the concerns among insurers, many consumers are still very interested in investing in long term care insurance policies. The research showed that consumers also like the idea of being able to purchase this coverage as a part of a package…

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Fitch labels General Electric insurance “risky”, sending share prices tumbling

G. Turner
General Electric Insurance - long term care

A new report called the long term care insurance backer the riskiest one in that sector. A new Fitch Rating report referred to General Electric insurance as one of the riskiest backers of long term care coverage. It pointed to the company’s substantial claims exposure and comparatively small cash reserves for paying those claims. As a result of the new designation, G.E. saw its shares take a nose dive at the start of the week. The Fitch Ratings report is issued annually. The credit ratings agency underscored concerns outlined by…

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Long term care insurance rate reform takes a top spot for NAIC

H. Cutner
long term care insurance rates - costs

State insurance commissioners across the country are taking on the rapidly growing pricing problem. State insurance commissioners throughout the U.S. have taken on the growing issue of long term care insurance rate growth. The industry has seen skyrocketing prices as a result of a slew of challenges in this area of coverage. The problems in the LTC insurance industry have been growing over several decades. Long term care insurance rate reform has been necessary for a long time. Over the last decades, insurance companies have been finding that their models…

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Long term care insurance takes another hit from exiting insurers

Logan B.
Long Term Care Insurance Industry - Insurance companies exiting - Goodbye

Another major player in this sector of the insurance industry has announced its market withdrawal. Amid a slew of existing struggles in the long term care insurance industry, Genworth has now announced that it has stopped selling individual stand-alone policies. Genworth had once been the largest seller of L.T.C. coverage in the United States. Genworth’s cessation of long term care insurance sales is immediate as a part of a broader move. This is becoming an increasing trend in the long term care insurance industry. Genworth is no longer selling individual…

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Massachusetts seeks to reverse decisions for denied life insurance by naloxone carriers

Logan B.
Denied Life Insurance - Life Insurance Form

The state has issued guidelines following a nurse’s rejection because she is trying to be a good Samaritan. Massachusetts has issued new guidelines regarding naloxone carriers after a nurse was denied life insurance. The state is hoping that life insurance and disability insurance companies will stop denying coverage to good Samaritans who are carrying the overdose-reversing drug in order to help those in need of it. The guidelines were issued this month in response to the story of a nurse who couldn’t get a policy. The Boston nurse carries the…

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Over 41% of long-term care insurance policies are in these 10 states

H. Cutner
Long-term care insurance - Woman having blood pressure checked

There are approximately 8 million Americans with L.T.C. coverage, and nearly half reside in 10 states. Newly released American Association for Long-Term Care Insurance (A.A.L.T.C.I.) data shows that approximately 8 million Americans are covered by some form of L.T.C. policy. That said, between one third and one half of those policyholders live in only 10 states across the country. The data is from 2017 but represents the latest issued by the N.A.I.C. annual study findings. The A.A.L.T.C.I. based its data on the National Association of Insurance Commissioners (N.A.I.C.) national study.…

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Mutual of Omaha lawsuit pushes insurer to cover patients taking Truvada

Logan B.
Mutual of Omaha - lawsuit

New applicants taking the HIV prevention medication had previously been denied policies. Mutual of Omaha settled discrimination allegations filed by the Massachusetts attorney general’s office. The insurance company has agreed to stop denying applicants who use HIV prevention medications such as Truvada. At the same time, the insurance company settled a second lawsuit in the state regarding a similar situation. In the second lawsuit, Mutual of Omaha settled with an unidentified man. The insurance company turned down the man’s long term care insurance application when he acknowledged that he took…

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