Quote:
Originally Posted by NJblue
This is the main reason why we chose to not get one. If an LTC insurer is allowed to raise their rates in the future ... especially to such an extreme, to me this is no insurance at all. To me, the whole idea of insurance is the peace of mind that it is there if you need it. It does not give me peace of mind that it will be there for me if I need it since they can raise the rates to an unaffordable level. If they do this, I will have thrown away all that money over the decades.
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You've certainly identified the big issue. A lot of it has to do with our risk tolerance. Our policies have a provision that if we should ever be unable or unwilling to continue paying the premium, then the amount paid in would be available for claims purposes. Not a great deal, but at least a forced savings account. Right now, the annual premium is about the cost of one month of nursing home care, so that wouldn't last very long.