Joyce Viets’ dad was in the life insurance business, so she knew from an early age that you have to plan ahead. “I heard about actuarials my entire life,” the Temecula resident told me.
“Genworth is one of the last long-term care providers standing,” said Amy Bach, executive director of San Francisco’s United Policyholders, an insurance advocacy group. “Most of the others have gone belly up.” “It’s not a bait and switch,” said Jesse Slome, executive director of the association. “An insurance company has to accurately project multiple things many years into the future.”
“When long-term care insurance was launched as a new product in the 1970s and 1980s, there was no historical experience -- long-term care insurance claims data -- available that actuaries could use to determine pricing,” she told me. Westermann said Genworth now has more than 1 million policyholders. She declined to say how many are experiencing rate hikes, although she said the company is “actively pursuing rate actions” for its oldest policies, “which comprise the majority of our long-term care business.”
And trump and the republicans have done absolutely nothing at all to help fix the problem.
Everyone who purchased that Genworth policy 20 years ago is getting the same rate increase, regardless of age. It was approved by the California Dept. of Ins. Fortunately, newer LTCi policies are protected by California's Rate Stability Regulation.
You fail to mention that “Stand Alone” LTC providers have gone belly up. There are still many carriers which provide hybrid policies which combine LTC benefits as a rider with insurance policies. New carriers must follow AG49 guidelines these days to avoid policies blowing up
LTC rates use to lock in at the time of purchase & were based on buyers age (younger-cheaper). lnsurers did this to encourage younger adults to buy policies & increase risk pooling, but LTC costs became more volatile than actuaries predicted. Still sucks.
Trump’s America where every scammer and rip off artist Corporation in America has been given free reign to prey on the most vulnerable in our society. Eating the poor is in fashion once again.
Medicare & life-extending medicine are a mistake. We can't support generations of people who retire 67 y.o. and live to 110+ due to geriatric medicine. Let them die due to bad habits or genetic bad luck. Focus on preventing microbial epidemics, for the safety of our future kids.
You supported and pushed Romney/Obamacare LATimes. You were told this would happen.