Quote:
Originally Posted by skip0358
Just received a notice from my insurance that many LTC companies are gearing up for a HUGH price increase and they expect a lot of people to drop out. So what happens to the money you pay into these accounts if they stop selling or it becomes cost prohibitive ?
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Some great questions. I am not sure anyone knows the answer.
I am pretty sure state regulators have to approve premium increases for existing policies.
The states are going to not want more people using Medicaid, so they will probably only let those premium increases go so far. My guess is that they will probably balance the concerns of the industry, the government, and policyholders.
I am wondering if there will be a bunch of class action law suits. If not now, in the future if the large premium increases turn out to be unjustified.