Focus
Full time employment: Posting here.
- Joined
- Oct 10, 2009
- Messages
- 640
I knew it was only a matter of time, but I thought I'd be spared a bit longer. I just got the letter indicating my LTC premium, which is $49 a month, will go up 40% to $69.
I realize those remain modest numbers compared to some others I've seen (probably because I signed up about 10 years ago in my mid-40s), but I'm wary of future increases and wonder about the long-term viability of the LTC insurance system.
I've been provided with a range of options, including keeping my current coverage (inflated $141 a day) at the higher premium, and reducing the daily maximum benefit and/or lifetime benefit to opt for a lower premium.
But I'm most intrigued by the "contingent non-forfeiture right to change your coverage to paid-up status." That means I don't have to pay any more premiums, my waiting period and daily maximum benefit stay the same, but my lifetime benefit maximum is reduced. It seems like a good way to cut any losses and run.
What do others here think? What choice have you made when faced with an LTC premium increase?
I realize those remain modest numbers compared to some others I've seen (probably because I signed up about 10 years ago in my mid-40s), but I'm wary of future increases and wonder about the long-term viability of the LTC insurance system.
I've been provided with a range of options, including keeping my current coverage (inflated $141 a day) at the higher premium, and reducing the daily maximum benefit and/or lifetime benefit to opt for a lower premium.
But I'm most intrigued by the "contingent non-forfeiture right to change your coverage to paid-up status." That means I don't have to pay any more premiums, my waiting period and daily maximum benefit stay the same, but my lifetime benefit maximum is reduced. It seems like a good way to cut any losses and run.
What do others here think? What choice have you made when faced with an LTC premium increase?