Steep Hikes in Long-Term Care Insurance Premiums Jolting Many Consumers
John Rundin is outraged that his insurer wants to raise the premium for his long-term care coverage by 60 percent, and he’s convinced that this sharp increase, paired with the company’s admonition about more hikes in future, is a harbinger that long-term care insurance is on its last legs.
Consumers around the country have seen steep increases in their premiums on long-term care policies. In a 2016 survey, the consulting firm Milliman found that regulators approved rate increases of 40 percent or more on about half the requests that insurers made. A little more than a quarter of their requests secured premium increases of 20 to 39 percent. The Milliman survey’s 26 respondents had annual premiums that represented 73 percent of the long-term care industry.
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David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick, Washington and Montgomery Counties, Maryland.
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