Thank you Susan for sharing this enlightening piece of information. This is timely and very relevant.

It is definitely packed with helpful information, that can help clients prepare for their future and carve their way out of premium hikes. It is undeniable that long-term care insurance has helped a lot of Americans pay for their long term care needs but there’s no product that is perfect, so it has flaws too.

The premium hikes are causing panic among policyholders and alarm to people who are considering to purchase a plan. Despite the increase in premiums, long-term care insurance proves to be the most economical way toy pay for long term care. Relying on government programs is too risky since Medicare doesn’t cover long term care and Medicaid only provides coverage to low-income seniors.

The bottomline is this, talk to a specialist and shop around if you want to get covered. If you already have a policy, then talk to your long term care insurance provider and strike a deal on how to bring your premiums down. There are actualy variety of options that can help you brave these premium hikes. Lowering your daily benefit amount is one, another is decreasing your benefit period and adjusting your benefit inflation rate is also an option.

I’ve actually written about different ways to face long term care insurance hikes just recently and here’s the link: http://www.altcp.org/facing-long-term-care-insurance-rate-hikes/.