Almost anyone who is insured or contemplating investing in insurance as heard of the great controversy that is now being associated with the price hikes for long term care insurance. As if it wasn’t frustrating enough for many people that long term care insurance is very difficult to qualify for based on illnesses and pre-existing conditions, policy holders now have to deal with the issue of their premium rates rising within the next few months. As many of these holders are older individuals and seniors, it’s a challenging topic for them to handle because many of them have been struggling to make payments on their premiums already. Women are particularly upset about the situation because price hikes are being more specifically geared towards them as well.

Generally speaking, a lot of insurance companies aren’t even offering new policies anymore. They’ve stopped promoting the options and making them available to seniors that are seeking coverage. However, in return, they’ve imposed a lot of higher rates for those who currently have a policy with their company. They are increasing the elimination period in most cases, while decreasing the amount of protection that they used to provide against inflation. The issue with this is that inflation protection used to be something that was essentially customary with insurance – however, these days people are experiencing that it’s being reduced by at least 5 percent, which is a huge issue for those who want the security of knowing that their rates are not going to increase and that they won’t experience another increase directly after this current price hike.

For some policy holders, price hikes are inevitable but they can’t deal with making the extra payments. Seniors who are already struggling to make ends meet by paying for their current residence and the treatments that they need in order to survive or live comfortably typically don’t have much extra money to rely on in order to pay for other costs. Often times, any additional costs are paid for by their family members, loved ones, or even a reverse mortgage on their residence. These seniors are faced with the difficulty of either finding another form of coverage that they will be eligible – which is difficult based on the requirements – or essentially living without any insurance coverage and having to struggle to find new ways to pay for their medical needs.

Seniors that are able to go to other forms of insurance may be able to find options that will be more affordable for them. There are many different types of insurance that are available and many care programs and volunteer programs which can help to handle some of the costs associated with various types of care. However, ultimately the price hikes indicate that seniors and policy holders will need to do further planning and carefully explore their options before they make their next move in regards to their coverage.


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