Genworth Financial is one of the nation's leading underwriters of long-term care insurance policies so its data is good. In Alaska, the cost is over $300,000 per year so there is a wide range in costs throughout the United States.
The median cost per year grew 6.7% from 2017 to 2018. That well out-paced inflation.
Long-term care insurance is one way to shift that risk but some people can't qualify for a policy because it is medically underwritten. In fact, the number of long-term care policy purchases have declined in recent years.
One of my services involves asset protection from the high cost of nursing homes.
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Nursing Home Arbitration Clause Valid in Nebraska.
Mark Heineman of Dodge County filed a personal injury lawsuit against The Evangelical Lutheran Good Samaritan Society. The nursing home moved to dismiss the lawsuit and compel arbitration. The Nebraska Supreme Court agreed with the nursing home.
The court found that the contract containing the arbitration clause was supported by mutual consideration even though there was a suggestion that the nursing home did not arbitrate all disputes.
The arbitration clause was also not contrary to existing Nebraska public policy or law. There is a 2016 federal regulation prohibiting "a pre-dispute agreement for binding arbitration" but that ...
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Big Increases in Long Term Care Insurance Policies
The Wall Street Journal has an update article this week on the financial health of the long-term care insurance industry, detailing recent rate increases and reminding us that even with contraction of this specialized market for sellers of new policies, there are still more than 7 million policies affected by the inadequate pricing structure issues.
Steep rate increases that many policyholders never saw coming are confronting them with an awful choice: Come up with the money to pay more—or walk away from their coverage.
“Never in our wildest imagination did we consider that the company would double the premium,” says Sally Wylie, 67, a ...
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