For anyone really considering LTC insurance, this short article may be helpful.
https://www.nerdwallet.com/blog/insurance/long-term-care-insurance/
It does not cover increases in premiums, which may be the key question, but the last part of the article talks about the dramatic drop (from 100 to 12 insurers).
Aside that, our insurance premiums have gone up less than 10% since we enrolled in 1995. That said, our $100/day policy has cost (for the two of us), a total of about $42,000 since we enrolled. The pay out is for $36,000/year. We will keep both policies @age 80. (the logic is that if one of us goes in to a nursing home in the next 5 years the $10,000 policy cost over this period will still pay for itself. We budget for this.
Now, a little more background. We bought in 1995 after DW had a near death stroke. The policy was with Travelers Insurance... After that, in turn, the policy was taken over by MetLife, and then by Conseco... then, through another legal change, the policy was taken over by a Trust... SHIP a
non profit Trust based in Indiana, but with offices in Pennsylvania.
SHIP- Welcome
This probably accounts for the low premium increases. (part of the legal constitution of the company.)
As I have mentioned in several posts, we would not buy into LTC again, knowing what we know now, but at the same time, are thankful that we made the decision 22+ years ago.
As in the case of any type of insurance, it's a bet against the odds. Obviously, with the demise of so many LTC corporations, it was a bet that didn't work out for their shareholders.
Edit to add this... For everyone who is seriously considering LTC... for alternate possibilities, and much info that could help in making a decision.
http://www.aaltci.org/
Links to state-specific info on costs.