IntelliQuote Works to Educate Aging Consumers About The Rising Cost of Long Term Care Coverage and Affordable Alternatives
El Dorado Hills, Calif. (PRWEB) July 23, 2013 -- IntelliQuote, a top rated online life insurance agency, is educating aging Americans about the rising cost of Long Term Care (LTC) insurance and the affordable coverage alternatives available to them.
Headquartered in El Dorado Hills, California, IntelliQuote is one of the largest and most trusted online life insurance agencies in the industry today. Delivering unmatched customer service and free life insurance quotes, from top rated life insurance carriers, IntelliQuote has earned a reputation as leader in the space. The entire IntelliQuote leadership team has made a commitment to not help consumers compare life insurance but to educate them about the importance of carrying adequate coverage at every stage of life. Their most recent educational effort, focused on LTC coverage, is already proving to resonate on a national scale.
A topic addressed earlier this month in the Wall Street Journal, the soaring cost of long term care insurance is taking a toll on a growing number of seniors. The article tells the story of a Michigan couple who was recently hit with significant increases in their LTC premiums; the husband is now facing a 25% annual increase and his wife a staggering 46% increase. Unfortunately this is a scenario that is impacting baby boomers across the country.
Major U.S. insurance carriers first began offering long term care insurance in the 1980’s and 1990’s. Coverage came with the promise of access to higher quality nursing homes, and in-home healthcare, than that offered by Medicaid. As the baby boomer generation has begun to reach retirement age, and healthcare costs have started to skyrocket, many of these carriers are finding that they grossly underestimated the cost of providing LTC coverage. The result, many carriers are choosing to reduce or suspend sales of long term care products while dramatically increasing premiums on existing LTC polices.
Having heard from thousands of aging consumers, caught in a pinch as a result of soaring LTC costs; the IntelliQuote leadership team decided to take action. Today they are working diligently to connect with seniors and their adult children, to educate them about the financial implications of the long term care insurance gap. IntelliQuote is educating concerned consumers through direct communication as well as online messaging through Facebook, Twitter and their own Life Insurance Blog.
“We are hoping to spark conversation about the long term care insurance gap before it impacts more Americans,” said Gary Lardy, President and CEO of IntelliQuote. “This growing trend is forcing many aging consumers to pay inflated premiums or to forego long term care coverage all together.”
Though carriers were hoping to reduce risk with these recent changes, they are instead finding that many seniors are still choosing to maintain coverage. In fact, most predicted a 5% to 7% cancelation rate on LTC polices annually. They are instead reporting cancelation rates of less than 2%. According to estimates from PricewaterhouseCoopers, initial premiums would have been 35% higher if carriers had assumed such a low cancelation rate.
Through their most recent initiative, IntelliQuote is working to shed light on more affordable long term care options. They are instead encouraging seniors to purchase LTC as a part of a universal life insurance policy. Also known as a “combo” product, these policies provide long term care in conjunction with permanent life insurance. In the case that the insured is in need of long term care, he or she can draw upon the cash value of their policy. If however, there is remaining cash value at the time of the insured’s death, all remaining assets are left to the named beneficiary. In educating seniors about these combo products, IntelliQuote hopes to help thousands maintain their long term care coverage without falling victim to excessive LTC rate hikes.
“We want these individuals to know that they still have options. Paying exorbitant long term care premiums is not their only choice,” added Lardy.
Today IntelliQuote is helping a rapidly growing community of aging Americans avoid the financial hardships of mounting long term care premiums. With plans to continue reaching out to baby boomers and their families, the IntelliQuote team has only just begun to spread the word. Watch for more announcements from the entire IntelliQuote family, as they continue to address this and other topics that impact consumers of all ages.
ABOUT INTELLIQUOTE
Headquartered in El Dorado Hills, California, Intelliquote is a highly respected innovator in the online life insurance industry. Offering instant quotes, unrivaled customer service and access to the most competitive life insurance rates on the market; IntelliQuote is the undisputed leader in the space. For more information, visit http://www.intelliquote.com or call 1-800-963-6405.
Gary Lardy, IntelliQuote, http://www.intelliquote.com, 1-800-543-3467, [email protected]
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