Long-term care insurance rate increases
Can my insurance rates go up?
Yes, they can increase the rates if the:
- Increase keeps the plan solvent or financially viable based on the experience of all the policyholders and the potential for claims.
- Company expects fewer policyholders will lapse their policies and claims will increase
- Increase is approved by our actuaries
Do I have a choice if the increase is more than I can afford?
Yes. Depending on the amount of the increase, you may have several options:
- Reduce your daily benefit.
- Reduce the benefit period duration. For example - decrease the period from five years to two.
- Increase the elimination period.
- Reduce the amount of your optional inflation protection.
- Choose the contingent non-forfeiture option. This option allows you to keep your policy in force and stop paying premiums. Your coverage does not end and the company provides benefits for qualified long-term care services covered under your policy - equivalent to the premiums you’ve paid.