Long Term Care | lilywealthmanagement

LONG TERM CARE (LTC)

Three Current Client LTC Scenarios

Client A Scenario:

Dan's parents Mass Mutual LTC premium went up 100% in 2019 and then 40% in 2024.
Would you like to learn how we worked around this?

Client B Scenario:

Clients received a 100% rate increase on their New York Life LTC policy in 2021. Based on their age, decided to cancel the protection.

Client C Scenario:
Client receieved a 100% rate increase on her New York Life LTC policy in 2018 and also received a cost of insurance rate increase on her life insurance policy with New York Life. We helped her prioritize her needs and found a compromise in cancelling the life insurance policy and taking the proceeds to pay the premimums for the LTC policy for the next five or six years.

Client D Scenario:

Client received a 47% rate increase notice on her Prudential LTC policy. Oddly enough, that was in 2025 but the increase did not occur in 2025 and so far it has not been increased in 2026.

Who is to blame for the Hyper-inflated Long-Term Care Costs?

Insurance Company Managers/Officers?
Insurance Company Actuaries?
Insurance Commissioners who regulate the insurance companies?
Attorneys who represent both the insurance companies and the commissioners?
Lobbyists?
Attorneys who represent the lobbyists?
Politicians?
Attorneys who represent the politicians?
Frivolous law-suites?
Attorneys behind the frivolous law-suites?

Perhaps they all have a piece of accountability in this tangled mess! How did we fight to get a claim covered for a very important client? How can you best protect yourself, your spouse, and your family from this highest probability risk of long-term medical and health care expenses?

Traditional Long-Term Care coverage has gotten so expensive.
Home Health Care Only Policies are a less expensive option (for now).
Can an annuity with an income rider which has an LTC extra liquidity feature help?
Is an annuity with an LTC multiplier benefit better bang for your buck?
Your health or the health of your spouse might be the deciding factor.
Underwriting or no underwriting?
Minimal underwriting or extensive underwriting?

There are multiple (per dollar spent), more affordable options, that are far better served than the expensive traditional LTC Insurance policies that are so outdated and so overpriced.