Long term care insurance rates going up

[DoingHomework]

Long term care insurance rates going up 40% starting next spring?

Premium hikes loom for long-term care insurance - Personal Finance blog - Money Magazine's More Money

LTC is an obvious hole in my plan. I know little about LTC insurance. But it seems to me that if the industry itself doesn't understand the economics, how can I possibly make an informed decision about whether to insure or not?

 

[Alan]

Lots of threads on LTC

http://www.early-retirement.org/for...ng-term-care-ltc-and-ltc-insurance-30860.html

... and a more recent one this year on increasing rates by John Hancock

http://www.early-retirement.org/forums/f28/john-hancock-raising-long-term-care-rates-32-a-50039.html

and anther recent LTC thread here

http://www.early-retirement.org/forums/f38/long-term-care-insurance-51842.html#post983573

 

[chinaco]

Yes.. they claim their experience has been greater than projected.


Makes one wonder... aggressive pricing would capture a large market... after the customers have bought in... they either exit with no claims paid (profit in years past), or they pay up because they are locked in or enough invested that it is difficult to view it as a sunk cost.

I am in a group plan. Different insurance company. The rates are fairly low. If it goes up 40%... it will still be a fraction of the cost of individual policies I have compared on quotes.

Still... as with any health care service (and consequently costs)... they are rising rapidly. Premium will track the cost.

 

[grumpy]

DW and I have had LTC policies from CNA for 12 years and I have been expecting premiums to go up, based on what others have reported here. We just received our premium bills for the coming year and our rates are still unchanged from the time we got the policies. I don't know why we have been able to dodge that particular bullet this long but I'm not complaining.