The government, both state and federal, is sending a strong message that it will not pay for Long Term Care for most Americans.
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|Protect Yourself from Inflation of Long Term Care Premiums|
Because it is not uncommon for an individual to purchase a policy 20 or 30 years before they expect to use their benefits, Long Term Care insurance companies usually provide clients the option to purchase an additional feature that will enable benefits to increase periodically by a specified percentage while the policy is in force. The reason for this is simple — the costs of Long Term Care services, like any other good or service, increase over time.
Inflation protection features typically use one of the following methods:
Inflation protection can be the difference between a policy that performs very well when and if care is needed, and a policy that falls short. The chart below illustrates the difference inflation protection can make on your daily benefit amount.
Under most policies, once you go on claim, inflation protection continues to increase your unused maximum lifetime benefit.
As you can see, it is important to consider adding inflation protection when purchasing a policy, especially if you don't expect to use your benefits for several years.
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If you are interested in purchasing Long Term Care Insurance, we will connect you with a licensed Long Term Care Agent who will answer your questions, assess your needs and offer advice in an understandable manner. Our goal is to make sure you get the right policy at the best price and make planning for your Long Term Care needs an easy and enjoyable process..