301% rate increase? What the...?
Preparing For Tomorrow podcast
Diane received an email this week from a long time listener who received a notice of a 301% rate increase request from his LTC insurance company. This episode discusses the process of requesting and seeking approval for rate increases. This process is heavily regulated from multiple angles. It's definitely not a random insurance company tactic to create more profit or to force policy holders to cancel their policies. I know it seems like it sometimes. Rate increases cause a lot of headache and extra work and payroll expense to the insurance companies as well. They don't want to...
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Some of what I'm thankful for...
Preparing For Tomorrow podcast
Thank you all who are listening to these podcasts and for the great feedback you've shared over the years. I can't believe we're in our sixth year already. I'm so thankful that these poscasts are helping so many people learn about long term care and all the strategies available to protect our families. Enjoy your family this Thanksgiving weekend, and always be thankful. If you're ready to plan for your family, schedule
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Guest Interview: Jason Dutra with BuddyIns discusses UNUM ceasing LTC sales in February 2026
Preparing For Tomorrow podcast
This week, Jason and Diane discuss UNUM's February 2026 ceasing of LTC group and employer sales. How should employers and employess react to this decision? What are the next decisions that must be made? What can employers now offer to newhires? Should current policyholders keep their policies? When you don't have answers, the best thing to do is talk with a long term care planning specialist like myself. I will help you determne what questions you should be asking as well as work through the answers with you. Each employee's family is unique and LTC needs are different for each family....
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Nov. is LTC Awareness Month & Family Caregiver Month - coincidence?
Preparing For Tomorrow podcast
We need to recognize the contributions and sacrifices that family caregivers make to help those they love who can't provide for their own daily needs. The reason most people own LTC insurance is to help those caregivers to not feel alone and isolated. If you don't own LTC insurance and you want to protect your family, assets and choices, schedule time with me to plan Below are many resources to help caregivers help their loved ones better. Administration for Community Living Alzheimers Association American Association of Homes and Services for the Aging Aging Life Care Association ...
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Who is the LTC insurance really for?
Preparing For Tomorrow podcast
This week, I'm kind of on a soapbox. It seems that some people will keep asking about LTC insurance until someone tells them they don't need it. No one knows if we'll need help living at some point or not. We need to ask ourselves who the insurance is going to help. We're going to get care whether we plan or not. We need to ask oursleves who wil suffer the consequences of our failure to plan. It's the people helping us. We say we don't want to "burden our family", but by not discussing where we want to live, who we want helping us and how we will pay...
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Questions we don't get as often but very relevant
Preparing For Tomorrow podcast
This week, we decided to answer some questions that we don't get as often as some others, but they're still very relevant. When plannng for long term care needs, we need to gather enough information to be able to decide what kind of plans will fit our needs best. We're here to help and to address those questions that you may not have thought to ask. Listen and then schedule a phone or zoom meeting with me to design your plan to protect your family through an extended care need. Schedule
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Which hybrid plan do I recommend most?
Preparing For Tomorrow podcast
It seems that with nearly every person or couple I work with, a version of this question comes up. Which plan do I recommend most often? Although all LTC plans are similar in how to qualify for benefits, each company and even each plan within a company carries unique attributes to that are attractive to various wants and needs of interested buyers.. This week, Diane shares different/unique characteristics offered inside hybrod life/LTC plans. The premiums can't be too high or too low compared to the competition, or one company will get far too many applicants (leading to many more...
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Guest Interview: Jason Dutra with BuddyIns shares how employers can attract and retain employees
Preparing For Tomorrow podcast
This is the beginning of our 6th year!!! This week, Diane interviews Jason Dutra with BuddyIns again. We discuss tax-benefits of worksite LTC insurance and hybrid life/LTC worksite plans. How are these plan offerings different than other group benefits that employers offer? How can employers use group life/LTC plans to show how much they care about their employees? When employees know their employer cares about them and their families, they are more productive. Everyone is happier, and employee retention is strong. If you are a business owner with at least 3 employees, there...
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Poor decisions when planning cause BIG problems later
Preparing For Tomorrow podcast
This week, after hearing from a client who wishes she would have bought more insurance a decade ago, Diane shares decisions that others have made in the past and now regret it. These people, if they had thought through their decisions before making them, could have ended up with much better outcomes. When planning to provide for ourselves and protect our families, we need to take action. And we need to not skip the small things. The small things in these stories would have made all the difference. We all have a plan for our own future long term care needs. Some...
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Start Young & Get it Done Part 2
Preparing For Tomorrow podcast
This week, we look at premiums of traditional, stand-alone LTC plans. Diane shares a plan that her clients designed 10 years ago when they were 49 and compares that to the same plan for a 49 year old couple today, a 59 year old couple today and a 69 year old couple today. Listen and learn how both premiums and benefits at each age (and time) differ. You'll be surprised when learning the total premiums paid at 49 and 69, and more importantly, the difference in benefits availabe at age 79 for each plan. View current and projected costs of care where you live Be sure to...
info_outlineDiane received an email this week from a long time listener who received a notice of a 301% rate increase request from his LTC insurance company.
This episode discusses the process of requesting and seeking approval for rate increases.
This process is heavily regulated from multiple angles. It's definitely not a random insurance company tactic to create more profit or to force policy holders to cancel their policies.
I know it seems like it sometimes.
Rate increases cause a lot of headache and extra work and payroll expense to the insurance companies as well. They don't want to have to increase rates.
I was going to post the link to the court decision here, but the header on the document says I can't.
If you want to find it yourself, look up "New Jersey court prevents LTC rate increase". You'll find it.
The National Association of Insurance Commissioners (NAIC) consists of Commissioners from all 50 states. They have a Rate Stability Rule you can read about here
If you really like reading about this stuff, the American Association of Actuaries Compliance Guide can be found here
Let's find time to have a converstion and determne if and wht kind of and amount of benefits can help your family when that need shows up. Schedule here