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By John Reid Blackwell Richmond Times-Dispatch | Posted: Wednesday, April 1, 2015 8:41 pm

The State Corporation Commission said this week that it has adopted new regulations governing long-term care insurance policies in Virginia. The new rules are aimed at helping reduce the burden of premium increases on long-term care policies, which have prompted complaints from policy-holders in Virginia. The regulations, which go into effect Sept. 1, don’t prohibit future premium increases but might make those increases less frequent, the SCC said.

(Courtesy of the Richmond, VA Times-Dispatch)
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Our life insurance needs change as we age. We know the importance of having protection in place for our loved ones, should we suffer a premature death. Many of us choose term life insurance as the most economical way to meet this “temporary” need, typically a term life policy for 10, 20, or 30 years.

However, because we are living longer, many of us realize that we still have life insurance needs that go beyond the end of the term life insurance period. These needs may include:

  • Disability income protection
  • Pay off our mortgage or another debt
  • Maintain family lifestyle after retirement
  • Legacy planning
  • Estate tax planning

Call The Tandem Group® today @ 704-540-1401 for an appointment to discuss your options.

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Women are significantly more likely to need long-term care and yet few are prepared, according to a consumer guide published by the AALTCi (American Association for Long-Term Care Insurance). Women have 10 times the chance as men reaching age 85, making up almost three-fourths of nursing home residents.

“Long-term care is clearly a woman’s issue”, explains Bonita Williams, President of The Tandem Group, Inc.® Women provide the majority of care for their spouses or other aging family members, and because they live longer than men, they are far more likely to need long-term care themselves.

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More Planning for Long-Term Care Prior to Retirement

As a result of advances in medical care, more adults in the United States are living longer lives, into their 80s, 90s, and even past 100.

When you live a long life, the chances of needing long-term care increase significantly and most people are not prepared, declares Bonita Williams, President of The Tandem Group®, Inc. Long-term care is not covered by traditional health insurance and little, if any, is covered by Medicare. The need for long-term care can quickly wipe out a lifetime of retirement planning, she states. A failure to plan is simply a plan to fail.

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