Innovative Solutions Reshaping Long-Term Care Insurance

| posted in Blog, Newsletter

Long-term care costs can be devastating. According to the “Genworth 2017 Cost of Care” study, the average cost of a semi-private room in a skilled nursing facility is $7,148 per month. But many people have not bought long-term care protection, even though they medically qualify, because they don’t want to pay premiums for a plan they may never use, or they are concerned about future premium increases. In recent years, insurers have created a number of innovative solutions that may address these concerns.   Life insurance/long-term care hybrids These are essentially life insurance policies that come with a meaningful long-term…
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Accident Insurance Can Save Your Workers from Financial Ruin

| posted in Blog

Even if you are providing your staff with health benefits, they could be left under great financial pressure if one of them has a major accident off the job that leaves them debilitated and unable to work. Millions of working Americans struggle with managing out-of-pocket expenses for non-medical and medical expenses after suffering an unexpected event such as an accident. If you are already offering your employees health insurance coverage, you can help fill the gap by also offering voluntary accident insurance, which can pay for: • Lost wages, • Deductibles and other medical expenses not covered by their insurance…
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Bureau Recommends 12.2% Rate Cut for 2016

| posted in Blog

California’s workers’ compensation statistical agency will recommend that benchmark rates be reduced by an average of 12.2% for policies incepting at the start of next year. The rate filing is actually for a 0.8% reduction, but that comes after benchmark rates were cut 10.2% on July 1, so that’s why the average rate reduction for January policies is higher. The Workers’ Compensation Insurance Rating Bureau will file the recommendation with the state insurance commissioner, who has the final word on rates in California. He can either choose to approve or reject the rate, and if he does the latter he…
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