Hope you’ve had a great start to your week. In the past few weeks a major topic of conversation among my colleagues, friends, and clients has been the skyrocketing premium increases of their long term care insurance (LTCi) premiums. Almost all LTCi insurance carriers have been increasing premiums in the past 10 years an average of 50-60%. (according to former Florida insurance commissioner)
Did you know:
1. Your LTCi rate increases must be approved (or reduced or denied) by your state’s insurance commissioner? In Georgia in 2016, MetLife requested a 75% rate increase. The commissioner approved 15%. Your home state makes a difference!
2. You have options to control the LTCi increases and/or adjusting your LTCi coverage by supplementing with one of the new products on the market.
But please do not cancel your coverage! Before you throw the baby out with the bath water: reach out. We can help!