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It's hard to give a complex answer in just a few words, but let me try. The policies you are reading about in some news stories typically were issued 10 or 15 years ago when LTC insurance was still relatively new and conditions and policy pricing was very different. Just one example of what's changed. Interest rates paid on investments used to be 10% in 1985 and about 7% in 1995. Long-term care insurance is very interest rate sensitive. So, declining interest rates are great when you are looking to refinance your mortgage but lousy for an LTC insurer with older policies. But that was then; and this is now. Policies issued today in most states are governed by new regulations issued by the National Association of Insurance Commissioners and adapted by most states. These regulations mandate that policies are priced fairly and accurately based on everything that's been learned. So, while no one can guarantee the future … nope not even me … there are many more safeguards in place today to protect you. And, there's a cumulative experience that has been gained along the way.
George Leamon is originally from Binghamton, New York. He began his insurance career in 1976, and opened his own agency in Naples in 1984. George has been very active in Rotary International for 28 years and is a past president. It is my goal to give you the latest and most accurate information in regards to long term healthcare for you or any members of your family.
