Did you catch the article in Sunday’s South Florida Sun-Sentinel about how long-term care premiums are skyrocketing? The numbers are staggering.
“Longtime Blue Cross Blue Shield of Florida policyholders have been notified by mail in recent weeks that annual premiums for their coverage will increase by an average of 94 percent through 2021,” writes Ron Hurtibise, covering the story for the Sun-Sentinel.
Can you imagine being on a fixed income and facing almost 100% price increases for essential insurance coverage?
There are a number of legitimate reasons (and some bad insurance decisions) behind the premium hikes, but that doesn’t make price increases of this magnitude any easier to stomach.
Many retirees who purchased long-term care coverage years ago have already stretched their budgets way too thin, and every new price increase involves difficult choices about what to keep, or cut, to make their budget balance.
We’ve written extensively about long-term care and long-term care insurance, and have also hosted informational sessions in our office with Florida long-term care experts. So here’s four quick things to keep in mind if paying for long-term care is one of your concerns:
1). Get prepared. If you own long-term care insurance, you may be facing a big premium hike soon. Do some quick background reading, including our recent blog article “When YOUR Long-Term Care Premiums Start Climbing, Will YOU Know What To Do?” That will explain your choices if you’re forced to confront a cost increase.
2). Clients are always welcome to ask us to review their long-term care coverage. And if that dreaded premium increase letter comes in the mail, please call on us to discuss your choices, and which premium option is best for you.
3). Want to explore long-term care insurance, but put off by the prospect of out-of-control costs? Rest easy. Some policies are structured to sidestep future cost increases. We can put you in touch with an experienced long-term care expert, who can fill you in on the new generation of policies designed to keep costs under control.
4). Lastly, ask us to send you an invite to our next in-office deep dive on long-term care options. The more you know, the easier it becomes to find the right long-term care solution for your needs. We’ll bring in a long-term care expert and share our objective, real-life observations (and solutions!) culled from thirty years of working with clients just like you.