100% False – “Premiums for New Long-Term Care Insurance Policies Have Soared in Past Year”

by | Feb 3, 2021

Elderlawanswers.com recently published an article entitled, “Premiums for New Long-Term Care Insurance Policies Have Soared in Past Year!” The article starts with this doozy: “Prices of new long-term care insurance policies have suddenly skyrocketed by as much as 66 percent in one year.”

Here at LTCShop.com all we do, all day long, is run thousands of long-term care insurance quotes for hundreds of consumers in all 50 states.

We have software that allows us to compare all the top long-term care insurance policies, side-by-side, to help consumers get the best rates when shopping for long-term care insurance.

If pricing on new long-term care insurance policies had increased by 66% in one year, we would know it.

It hasn’t.

Most long-term care insurance companies are charging the EXACT same premiums, for new applicants in 2021, as they did for new applicants in 2020.

There are 9 insurance companies that sell nearly all of the new long-term care insurance policies today. 8 out of those 9 companies are charging the exact same premiums in 2021 as they did in 2020.

Bankers Life & Casualty

Exact same rates as 2020

Genworth Life Ins. Co.

Exact same rates as 2020

LifeSecure

Exact same rates as 2020

National Guardian

Exact same rates as 2020

New York Life

Exact same rates as 2020

Northwestern Mutual

Exact same rates as 2020

Thrivent Financial

Exact same rates as 2020

Transamerica

Exact same rates as 2020

There is only one company that is charging higher rates now than they were charging in January 2020: Mutual of Omaha. But Mutual of Omaha had not updated their pricing since 2013! This was the first “price refresh” Mutual of Omaha had done in 7 years!

To quote the article again: “Prices of new long-term care insurance policies have suddenly skyrocketed…” It’s been 7 years since their last pricing change, how is that “suddenly skyrocketed”? 

It’s not. 

Which headline would get more clicks: 

“8 out of 9 long-term care insurance companies are charging the same premiums today as they were last year before the pandemic”

OR

“Premiums for New Long-Term Care Insurance Policies Have Soared in Past Year!”

On a side note, we at LTCShop.com love the website ElderLawAnswers.com It has a lot of valuable information about long-term care insurance.

There’s a great article entitled, “Four Ways the Coronavirus Pandemic May Affect Long-Term Care Insurance.”

Another one about: “The Tax Deductibility of Long-Term Care Insurance Premiums“

And this one about Long-Term Care Insurance and Medicaid Planning

Sadly, this current article, “Premiums for New Long-Term Care Insurance Policies Have Soared in Past Year” is not their best work. It’s 100% false.