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Understanding Your Long Term Care Insurance Benefits, Part 10: Things to Consider

This video aims to go over some important considerations when discussing your long-term care insurance policy, such as whether the policy has been purchased by another insurance company, inflation riders, premium increases, and Medicare-Advantage plans.

This video is part 10 of a video series created to help individuals obtain a better understanding of Long-Term Care Insurance. More specifically, what Long-Term Care is, who needs Long-Term Care, what the types of Long-Term Care are, what Long-Term Care Insurance covers, Considerations, and whether or not someone can still purchase long-term care insurance.

The entire video series can be found here on our YouTube channel:


In this slide, we have some things to consider when looking at your long-term care insurance policy.

The first question is, “Has your policy been purchased by another company?” Previously I talked about a statistic where the number of insurers offering long-term care insurance coverage has decreased from slightly more than 100 in 2004 to about a dozen in 2020. Many of the smaller insurance providers have been acquired by the bigger names like Genworth, or John Hancock, or Banker's Life. Sometimes when that happens, the benefits will change and are different now than what you originally elected when purchasing your policy. So going back to what I've said previously, you want to request a statement of benefits on a regular basis, and I would recommend you do that every two to three years.

The next question is, “Did you elect for an inflation rider?” Hopefully, you did because with the inflation protection, which is also known as a benefit increase rider, your benefits increase in value each year. A policy without an inflation rider decreases in value every year as the cost of long-term care increases. This is important because if you purchased your policy, say 20 to 30 years ago, you'll know that the value of your policy most likely has kept up with the increases in the cost of long-term care. So be sure to review your policy to see if you have an inflation rider and, if so, how it works.

I've talked to people who are not happy with the premium increases that they see over time. I even had one person that I talked to that let his policy lapse because of those premium increases. What I would say to anyone that is considering letting their policy lapse is that you've worked hard to pay these premiums over time. And it is your decision on whether or not you allow the policy to lapse. However, remember the statistic that I talked about previously, where again, 70% of people are going to need long-term care services. So, it's probably in your best interest to keep paying those premiums.

Lastly, be aware of Medicare advantage plans that claim to cover long-term care services. There are a lot of Medicare advantage plans, also known as replacement plans, that state that they have long-term care benefits. Make sure that you ask your insurance provider for a detailed explanation of the coverage, and also ask them for a list of providers that they are contracted with.

Thank you for watching this video. Make sure you watch the next video as we continue this discussion about long-term care insurance policies.


Home Helpers of Bradenton is one of the region's leading home care franchises specializing in comprehensive services for seniors. Home Helpers' sole mission is to make life easier for clients and their families. Based in Bradenton, Florida, the company serves all of Manatee County, including the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Palmetto, and Parrish. For more information or to request a free in-home care assessment, contact our office at (941) 499-5946 or visit our website