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LTC Premiums Skyrocketing, Carriers Dropping Out

Posted by www.psmbrokerage.com Admin on Tue, Jan 08, 2019 @ 08:27 AM

LTC Premiums Skyrocketing, Carriers Dropping Out


(Image: Freepik)

By Philly.Com – January 8, 2019

In its Q3 report to shareholders, Genworth Life Insurance Co. – recording a loss of $34 million from long-term insurance – said it has approval from state agencies for average rate increases of 53%. About 100 companies across America sold stand-alone LTC insurance in 2002, according to the National Association of Insurance Commissioners: today there are 17.

The problems hit from many sides, including years of low interest rates that cratered insurance companies’ investment earnings and overly optimistic assumptions factored into calculations about the cost of long-term care.

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Tags: long term care

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