[Fredslist] Promo: Group Health and Long Term Care Insurance Update

[Howard Bersch]

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Subject: Group Health and Long Term Care Insurance Update 

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HWB Insurance Newsletter  
   October, 2012     
Featured Article


Call Howard
201-567-3236
  
:: 
Howard W. Bersch  
PO Box 283, Leonia, NJ 07605
Phone: 201-567-3236 
  
Feel free to email me anytime: 
  
howard at hwbinsurance.com 
    GROUP HEALTH INSURANCE: 


New York State Insurance Department continues to be one of the more diligent agencies protecting policyholders. 

In September the New York Insurance Commissioner, Benjamin M. Lawsky, ordered that rate filings be made public reversing a long standing policy that had exempted insurance companies from public disclosure of rate increase filings. 

United Health/Oxford Insurance Companies have agreed to comply and the Commissioner is hopeful that other companies will comply. 

New York State's power to deny increases does not extend to rates for large employers (more than 50 employees). 

Last year, United Health obtained premium increases of 18% to 24 %; this year its request for an average of 19% increases was reduced by New York State regulators to 8%. 
  
LONG TERM CARE INSURANCE: 

Various studies estimate that the percentage of people who reach age 65 and will need long-term care is 30 to 50 percent. 

Most people do not buy long term care insurance because of the high premiums. However, with increasing frequency, the children are purchasing and paying for long term care insurance for their parents. The children don't want to see their inheritance dissipated by long illnesses that are hard to pay for. Many say they would rather deal with the annual premiums than their parents dissipating their inheritance. 

The average age of those buying long term care insurance has been falling, as people seek to balance the possible need for nursing home or in-home care with the cost of the insurance premiums. 

Last year 3.5% of individual policies were bought by people 44 and under. In contrast, 56% of individual buyers last year were 55 to 64 and the average age is now 57, down from 67, 10 years ago. 

Please call/email for a no obligation long term care insurance premium calculation.        
Do You Have Long Term  
Care Insurance? 
 Take Care of Tomorrow Today  
   

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