Long term health care policies
 

myhusband and I took out LTHC policies in our 50's while premium would be lower. We were under the assumption (wrong) it would NOT increase as we were younger and had longer to pay into system.

Now that he is turning 62 we got hit with a 44% INCREASE!!! How can insurance companies increase so MUCH.?? We're considering dropping it because if they can continue to do this we can't continue to pay it.

You try to do the right and responsible thing taking care of your future and it seems it's a lost cause.

Aren't there any caps on HOW much they can increase you ?? We are seniors on FIXED incomes.

Wow can't believe all the replies to my post were DELETED?? What is going on on this board?? I was hoping to receive some feedback on my question and learn what is going on with LTHC???

You have posted in a forum where only the expert of this forum can respond.

If you want everyone to respond to your thread, you will have to post in the general forum.

Moderator

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.

the only option I see offered is payment plans which doesn't lower the premium. Will see someone today to see if other options are availalbe. Thank you for comments.