I have read several articles on this issue and some people have complained as policy increases as high as 90% annually. Most long term health care policies were sold as level premium policies and consumers were promised that premiums would not increase unless the state agreed that the insurance company needed to increase the premium to cover their obligations.
Unfortunately, many insurance companies miscalculated the true cost of the insurance and have requested that the states approve increases on the premiums for these policies. In many states premium increases must be granted so long as certain requirements are met, in others, the state insurance department is given discretion as to whether or not to increase premiums.
Many insurance companies are providing the policyholders with options, such as lowering inflation protection and/or the benefit period, that will maintain coverage without a premium increase.
The regulations in each state and options provided by the insurance companies vary. You will need to check the regulations in the state in which your policy was purchased and contact your insurance company to see what, if any, options they are offering.
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