Rider Rise
Weighing Long Term Care Insurance Inflation Protection Riders
People who have already acquired insurance policies for long term care will tell you that apart from the maximum benefit period and total amount of benefits, your choice of long term care insurance inflation protection will be a determining factor of your annual premium.
You will definitely pay 30 percent or even 40 percent more in premium if you integrate a long term care insurance inflation protection rider into your policy, but in exchange you will be protected from the continuous rise in prices of LTC facilities.
There are two types of inflation riders offered to policyholders. One of these is the simple inflation which anybody can avail. With this type of inflation rider, every $100 of your maximum benefit will increase by $5 every year. The same thing will happen if you purchase the compound inflation rider but unlike the simple inflation, a 5 percent increase is applied to your initial benefit amount and every time it increases. This then ensures your total policy benefit will increase every year at a compounded rate.
Two LTCI policyholders with different types of inflation riders can expect the total amount of their policy benefits to increase in no time, only the one with a compound rider can manage to double his maximum benefit in 15 years.
Meanwhile, those that acquired simple inflation will have to wait 20 years before their initial maximum benefit will multiply by two.
Having an inflation rider in your policy will protect your policy and keep it competitive amidst the soaring LTC cost.
According to some, it is not advisable to purchase an LTCI policy before you turn 50 because by the time you qualify for long term care, perhaps 20 or 30 years down the road, your policy’s coverage may no longer be applicable.
Choosing the appropriate inflation rider will keep your policy abreast of the ever-changing figures of the LTC industry.
Long Term Care Insurance Inflation Protection Based On State
Study your state of residence because this is the best way to identify which inflation rider will work best for you.
Although LTCI experts will advise policyholders to invest in an automatic compounded inflation rider, you need not follow if the rates of LTC facilities in your area have remained steady for the past six years or so.
On the other hand, if you’ve witnessed seniors in your place constantly worried because of the staggering cost of home care, as well as that of an assisted living facility, a nursing home, and even a neighborhood adult day health care center, maybe you should heed the advice of the experts.
Perhaps the locals of Minnesota, Wisconsin, Rhode Island, Massachusetts, Hawaii, and Alaska should contemplate securing their LTCI policies with the 5 percent compound inflation rider, considering the fact that long term care in these areas will no doubt cost one’s arm and leg.
In Alaska, for instance, you will have to pay out $20 an hour for a home health aide, which is equivalent to a median annual rate of $60,632. If you’re 55 now and expect to receive care in 15 years’ time, expect to shell out something like $121,264 as prices of LTC facilities would’ve doubled by that time.
About the Author
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Ghost Rider: Rise Up
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