Who's LTC insurance premium has NOT (yet) gone up.

[bertilak]

I've been dreading a letter from John Hancock telling me my LTC premium has doubled (or some such) for some time now.

Lo and behold, in yesterday's mail is an official looking letter from John Hancock. I open it up with shaking hands and what do I see? A letter telling me this is my annual notice that I should look at their privacy policy on their website. Anticlimactic, to say the least.

This got me wondering -- how many of us are still waiting to see what will happen to their LTC policy?

[Sheepdog]

I have repeated this every year here. My wife's LTC premium with General Electric C. A.(now Genworth), a partnership policy with our state, has never increased in the 13 years she has owned it. And, this policy has an annual 5% compounded benefit increase!!

[nisiprius]

Well, we paid the last of the ten annual payments in early 2012, and as it happens there was no increase at all over the entire ten years (i.e. the grand total sum of all of the premiums was precisely what we'd expected). It's John Hancock, or one of their many complex, variegated, ever-changing corporate identities anyway.

[bertilak]

Well, we paid the last of the ten annual payments in early 2012, and as it happens there was no increase at all over the entire ten years (i.e. the grand total sum of all of the premiums was precisely what we'd expected). It's John Hancock, or one of their many complex, variegated, ever-changing corporate identities anyway.

My payments don't stop, until I start to collect. It's about $260 per month total for two of us. I thought I was getting a good deal because twice in the recent past insurance agents have tried to sell me LTC insurance and when I show them what I already have they tell me they can't match it.

[Levett]

Like Sheepdog, I have had my LTCI policy for 13 years--also with 5% compounded inflation rider. Although the policy is administered by MET, I elected to stay with the original provider--TIAA.

The premium has yet to go up--to my continuing surprise (and advance planning).

Lev

P.S. Some folks may have noticed a piece Kelly Greene recently wrote for the Wall Street Journal entitled "Women Face Higher Costs." Among other things, it mentions that Genworth plans to charge women "as much as 40% more than men" for LTCI policies. Apparently, women are paid two out of every three benefit dollars.

[Jerilynn]

A friend has Northwestern Mutual. It hasn't gone up yet. She got it 12-16 months ago or so.

[dhodson]

Nwm has one of the higher rates. I'd guess they would be one of the last to show increases on current customers.
Wether it's better to start out cheaper but likely higher risk of increases is anyone's guess. If you soon go on claim after starting a policy then a cheaper company was the way to go but of course you don't know that ahead of time.

[Pacific]

Northwestern Mutual
5 years and no increase

[rustymutt]

15 years with J Hancock, and never had a increase. Just sent the payment for 2013. Wife and I.

[Needtoknow]

Northwestern Mutual
5 years and no increase

Not only is Northwestern Mutual is expensive, they are WAY more expensive. Your premium can be double or more for the same benefits. Why would I pay that much more in the beginning so they can say that they have never raised their rates. That's ridiculous. In fact, many of the lower cost long term companies like Genworth even with their increases don't catch up to Northwestern Mutual, and Genworth has a great history of paying their claims and being in the business for a very long time.