Posted by Hans Macoy 1 year ago In:

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Hans Macoy
Hans Macoy Asked:

Long term care insurance - why do premiums change?

I was told it's normal for long term care planning premiums to get more expensive every five years, even if I buy the more expensive coverage. Is this true? Are there policies that are locked in at a specific rate? Thanks for your help.

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Answers

lenrobbins
lenrobbins Answered:

While there is no "normal", you are correct that most carriers have and will probably continue to raise rates on existing policies.  In addition, many of the major carriers are no longer writing this type of coverage due to higher claims than originally anticipated. 

However, if you choose to pay over a 10 year period or less for lifetime coverage, certain carriers MAY guarantee the price.  Make sure you see a "sample" contract first.

In addition, it is very important to make sure you are dealing with a financially strong company.

Good Luck!

 

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