Inflation protection in LTC insurance

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PostPosted: Thu Dec 17, 2009 4:02 am   Post subject:   

A few points miscellaneous points about partnership policies:



1) Thirty states have passed legislation allowing partnership policies.

2)Not all of these 30 states actually have approved any policies as of yet.

3) Inflation protection does not have to be a compound 5%. In general, it depends on the age of the insured. The following information is true with some partnership policies, but I don't know if this is something that is the same in all states:

Age <61: Compound inflation of either 3% or 5% is mandatory

Age 61-75: Inflation protection can either be compound or simple

Age 75+: Inflation protection is not necessary.


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PostPosted: Thu Dec 17, 2009 7:21 am   Post subject:   

Actually, the sufficiency of inflation protection depends on the kind of services that a policy offers. It is determined upon a number of factors like cost of service, age of the applicant, state rules as well as the gender of the applicant. The age of policy holders who're actually using these services is around 80 years.

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PostPosted: Fri Dec 18, 2009 9:46 am   Post subject:   

I guess an inflation protection of 5% would suffice to cover more than 72% of nursing home expenses. It will also cover more than 90% of the assisted living expenses as well as that of the home visits.


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PostPosted: Sat Dec 19, 2009 11:43 am   Post subject:   

Quote:
I guess an inflation protection of 5% would suffice to cover more than 72% of nursing home expenses.


When it comes to total LTC liability, a 5% inflation protection allows the policy to cover nursing home care costs worth 70%, assisted living expenses worth 82% and home care expenses worth 90%.

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PostPosted: Sat Dec 19, 2009 12:18 pm   Post subject:   

What the heck are you talking about with these percentages?


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PostPosted: Wed Dec 23, 2009 3:33 am   Post subject:   

I too would love to know what exactly those numbers mean with respect to 5% inflation covering certain percentages of different types of care.



5% simply means the daily benefit amount will frow at a rate of 5% annually some contracts allow a choice between compounded or simple.



Additionally, some contracts allow the the choice of how much coverage the daility benefit will cover things like assisted living and home care.

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PostPosted: Thu Jan 21, 2010 5:28 am   Post subject:   

An inflation protection is one of the most important options to have in a long term care insurance policy. Inflation protection benefit increases the daily benefit amount over time to keep pace with inflation and the increased cost of expenses. Although you are not required to purchase inflation protection, it is an important protection for younger people who might not need long term care for many years.



www dot long-term-care-insurance-planners dot com

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PostPosted: Thu Feb 04, 2010 6:21 am   Post subject:   

An inflation protection benefit increase the monthly or daily benefit amount overtime keeping pace with inflation. Even though your benefit amount increase overtime your premium rates do not automatically rise. LTC policies which use automatic inflation protection benefits either use simple or compound rates.

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PostPosted: Thu Feb 04, 2010 6:48 am   Post subject:   

Quote:
When it comes to total LTC liability, a 5% inflation protection allows the policy to cover nursing home care costs worth 70%, assisted living expenses worth 82% and home care expenses worth 90%.




I knew that I had seen this somewhere...and I had. It was on a white paper that I received from the AARPs Public Policy Institute based on an AARP conducted survey. The purpose, to quote their site (http://www.aarp.org/research/ppi/ltc/ltc-ins/articles/aresearch-impor t-34-INB54.html) was to see if inflation protection really did anything, so...

Quote:
AARP commissioned a study to determine whether a policy that includes a 5 percent compound inflation option is adequate to meet the future costs of long-term care.




Interesting article. Finally, please, when quoting statistics from a particular source, give credit to the source. It's important to acknowledge the work of others.



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