I've had LTC that I purchased in 2003, and every 7 years they are allowed to change the premiums. This year, they are offering 3 options:
1. Keep daily benefit $127 plus 3.9% auto-compound inflation, unlimited lifetime benefit. New premium goes from the current $52/month to $64 a month, then in Jan 2025 to $78/month, then in Jan 26 to $96/month (quite the increase!)
2. keep premium the same at $52/month, same $127 daily benefit, unlimited lifetime benefit, inflation 1.9% automatic adjustment.
3. no more premiums and if I need long term care, I get the $127/daily up to a max of $9000 (which is how much I've paid in premiums since 2003).
So, with all I read here about having trouble getting insurance companies to pay up on these policies, and the fact that $127/day is well below TODAY's national average of $169/day (assisted living), or $315/day (nursing home)....do I part ways with this insurance and just take #3? or ...are the higher premiums worth it (option #1) what with the automatic inflation adjustments (3.9% annually)?
Any advice would be so helpful~! Thx, linda
1. Keep daily benefit $127 plus 3.9% auto-compound inflation, unlimited lifetime benefit. New premium goes from the current $52/month to $64 a month, then in Jan 2025 to $78/month, then in Jan 26 to $96/month (quite the increase!)
2. keep premium the same at $52/month, same $127 daily benefit, unlimited lifetime benefit, inflation 1.9% automatic adjustment.
3. no more premiums and if I need long term care, I get the $127/daily up to a max of $9000 (which is how much I've paid in premiums since 2003).
So, with all I read here about having trouble getting insurance companies to pay up on these policies, and the fact that $127/day is well below TODAY's national average of $169/day (assisted living), or $315/day (nursing home)....do I part ways with this insurance and just take #3? or ...are the higher premiums worth it (option #1) what with the automatic inflation adjustments (3.9% annually)?
Any advice would be so helpful~! Thx, linda