Long-term care insurance plan costs rising
Contemporary Long-Term Care Weekly, September 18, 2008
Long-term care insurance customers who thought their low premiums were “locked in” may be surprised by price increases, as three of the country’s largest long-term care insurers have raised premiums on existing insurance plans, the Chicago Sun-Times reported Sept. 15.
Genworth, John Hancock, and MetLife have requested premium increases ranging from 8% to 18% on policies of existing customers over the last year. The insurers said they underestimated the costs of long-term care claims, or may have priced policies artificially low to compete for business, according to the Sun-Times.
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