The number of people interested in getting LTC policies undeniably increased over the years. This good turnout may have been caused by the countless efforts and initiatives of the government and other private insurance companies to make the public aware of long term care insurance information that is helpful in their decision-making. You can hire long-term care insurance agent in Tacoma to get the best insurance policy.
In recent years, a record number of insurance companies that had entered the LTC insurance market during the boom of the 1990’s have exited the market. Since an insurance company, by law, must honor all its existing policies even if it exits the market, it would seem that selecting the right company would be simply a matter of choosing the company with the best benefits and lowest premium.
But in most cases, the reason an insurance company exits the market is because they were unable to be profitable. Chances are they did not understand the market and as a result, underpriced premiums and issued coverage to those with major health conditions. To compensate, the company begins to have frequent and sometimes substantial rate increases on its existing policyholders.
There was a time when your personal life savings may have been enough to pay for your long-term care, or at least for a while. But with the cost of health care increasing at two times the rate of inflation, your retirement savings is no longer enough to pay for your care if you ever become unable to take care of yourself.