Keep your Long Term Care Insurance even after you stop paying!

Do you currently have long term care insurance?  Check out this interesting article written  by Leigh Ann Otte!

Hopefully you haven’t noticed it personally, but just so you know, long-term care insurance premiums areon the rise. If, however, this cold fact has made itself known through your bank account (or your aging parents’), Reuter’s has some tips on what can sometimes be altered to get those rates down.

Here’s a tip you may not have heard: If you stop paying your policy while searching for a new one, you may not lose all your coverage, says Bonnie Burns of California Health Advocates. Reuters reports:

You can stop paying premiums altogether and keep coverage equal to the premiums that you have already paid. In certain states, the law requires insurers to allow this once premium hikes hit a certain threshold. So if you’ve paid $20,000 in premiums, your new maximum lifetime benefit would be $20,000.

The article is full of tips both for people who already have a policy and for those thinking about getting one. Tomorrow, we’ll talk about an option for people who have some savings built up.

 

The article can be found at the following link: http://blog.ourparents.com/2012/03/26/some-keep-coverage-even-after-they-stop-paying-for-long-term-care-insurance/

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