Long Term Care Insurance Policies: Increased Prices
Long Term Care Insurance
Lately, long term care insurance premium have risen so dramatically that many policyholders now find it impossible keep up with payments. Many of these individuals bought their policies years ago, anticipating the need for care insurance when they got older, and enticed by lower premiums for purchasing in their younger years. When premiums skyrocket and, subsequently, payouts are denied, policyholders are understandably angry.
Even if insureds keep their policies after huge premium hikes, benefits may not remain the same. Some insureds report having to decrease coverage in order to maintain affordable premium payments. Still other individuals find that after making payments and sacrifices to keep their original coverage intact, they never see benefits actually paid out.
This seems like a sort of worst case scenario, but it is more common than one may think. Insurance companies report that they did not foresee seniors living as long as they now do, and this creates a massive decrease in profits. Yet, it is difficult to feel sorry for the insurance companies like Genworth, Metropolitan Life Insurance Company, and other similarly situated companies, as they seem to be the ones who eventually come out winners in the battle of long term care insurance.
The Bottom Line
We look to regulators and the government to ensure that rates do not continue to rise and to ensure that individuals are receiving the benefits they pay and wait patiently for no one deserves to put their life savings into long term care insurance and then find it’s not there when they need it.
Some of the major long term care insurance providers are:
- John Hancock
If you or a loved one questions about or thinks they may have bought a questionable long term care insurance policy, contact the Evans Law Firm elder attorneys at (415) 441-8669, or by email at firstname.lastname@example.org. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.