What must be offered to all long-term care policyowners?

Inflation protection is a key feature that must be offered to all long-term care policyowners to ensure that the value of their policy keeps pace with the rising costs associated with long-term care services. As healthcare costs continue to increase over time, policies that do not include inflation protection may leave policyholders with insufficient coverage when they need it most.

By offering inflation protection, insurers enable policyowners to secure benefits that will maintain their purchasing power as inflation affects the cost of care. This option can be particularly vital as individuals often purchase long-term care insurance many years before they might need to use it, making it imperative that their benefits are adjusted accordingly to reflect future costs.

Other options, such as waivers of pre-existing conditions, guaranteed benefits clauses, and replacement protection, do not hold the same level of requirement or urgency as inflation protection in the context of long-term care insurance policies. While these may be beneficial features, they are not mandatory in the same way inflation protection is designed to safeguard the policy owner's financial interests as they face rising healthcare expenses.