I've seen posts on Long Term Care Insurance but haven't found a thread on this so forgive me if this is a duplication. I've just received a very rude surprise from Genworth. I have LTC insurance through them--began this policy in 2008 and it has cost me just under $5,000 a year--so that means I've paid out approximately $35,000 so far--my premium payment comes due at year's end. Well, Genworth has just requested, and received, the right to raise premium rates in New York State by 60%. I am gobsmacked. This means if I want to keep this policy my rate will skyrocket to $8,000 a year. I have options if I want to continue to pay my original premium price--less of a monthly maximum and/or lifetime maximum--longer elimination period, etc. But frankly I almost think it's better to cut my losses and walk away from the policy. What's to keep Genworth from raising premium rates again in a couple of years? And if I continue to pay my original premium, what will this policy cover when/if I ever need it? And in doing a web search on Genworth, I'm quickly losing confidence in this company. They've posted massive quarterly losses, their share price is falling, etc. And this is a company that was a shining beacon in the LTC insurance field--they still control 35% of the LTC insurance market--the biggest share; but it appears they are being crushed by long term care costs. How they got this way appears to be largely due to the fact that they sold policies--up until about 2002, that were hugely underpriced; now they are trying to make-up for that. Has anyone else who carries LTC insurance ever been socked with this kind of increase? Now I really feel dumb for even taking out this policy--had I ever thought massive increases like this would be possible, I would have never gone down this path. Clearly I didn't do my homework. Would love to hear feedback. Thanks