No increase in LTC Insurance Premiums again this year

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
JoeRetire
Posts: 1639
Joined: Tue Jan 16, 2018 2:44 pm

No increase in LTC Insurance Premiums again this year

Post by JoeRetire » Tue Oct 09, 2018 2:07 pm

We purchased Long Term Care Insurance 4 years ago when we were both 59.

We just received our annual premiums notice. Once again there has been no increase in premiums, but the coverage has increased by the 3% dictated by the policy.

Are we just lucky? Or have others been seeing stable premiums as well?

User avatar
Sheepdog
Posts: 5183
Joined: Tue Feb 27, 2007 3:05 pm
Location: Indiana, retired 1998 at age 65

Re: No increase in LTC Insurance Premiums again this year

Post by Sheepdog » Tue Oct 09, 2018 2:11 pm

My wife's (age 78) Genworth LTC policy (from 1999) did not have a premium increase this year or last. (They would not issue me one back then.)
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

JoeRetire
Posts: 1639
Joined: Tue Jan 16, 2018 2:44 pm

Re: No increase in LTC Insurance Premiums again this year

Post by JoeRetire » Wed Oct 10, 2018 1:20 pm

Sheepdog wrote:
Tue Oct 09, 2018 2:11 pm
My wife's (age 78) Genworth LTC policy (from 1999) did not have a premium increase this year or last. (They would not issue me one back then.)
Why wouldn't they issue a policy for you?

User avatar
Sheepdog
Posts: 5183
Joined: Tue Feb 27, 2007 3:05 pm
Location: Indiana, retired 1998 at age 65

Re: No increase in LTC Insurance Premiums again this year

Post by Sheepdog » Wed Oct 10, 2018 3:04 pm

JoeRetire wrote:
Wed Oct 10, 2018 1:20 pm
Sheepdog wrote:
Tue Oct 09, 2018 2:11 pm
My wife's (age 78) Genworth LTC policy (from 1999) did not have a premium increase this year or last. (They would not issue me one back then.)
Why wouldn't they issue a policy for you?
There was something in my health file, I was told. The agent was surprised...so he said. He couldn't tell me the exact reason. I only found out a couple years ago that there was an error in my health file where it said I had a mini stroke (TIA) so that was probably it. That was the fault of my physician at the time. I probably should have appealed it at the time and then found out.
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

akron1977
Posts: 43
Joined: Wed Jul 01, 2015 6:48 pm

Re: No increase in LTC Insurance Premiums again this year

Post by akron1977 » Wed Oct 10, 2018 4:18 pm

Our policies with Mutual of Omaha have not seen any increase in premiums since we purchased them seven years ago, at ages 56 and 61. They also include a 3% increase in benefit amounts. Total cost is $1464 per year.

Calli114
Posts: 65
Joined: Tue May 16, 2017 12:54 am

Re: No increase in LTC Insurance Premiums again this year

Post by Calli114 » Wed Oct 10, 2018 9:13 pm

I’m 57 and I paid the same as 2017, it had a benefit increase of $6/day.
As an aside, I got a letter (from insurance company, not the govt) that my ACA premium will be slightly lower for 2019, but it is a different plan and I don’t have all the details yet. That’s better than a 40% increase!

User avatar
GerryL
Posts: 1885
Joined: Fri Sep 20, 2013 11:40 pm

Re: No increase in LTC Insurance Premiums again this year

Post by GerryL » Thu Oct 11, 2018 12:28 am

I saw a hefty increase two years ago, but steady last year and this year. Whew.
I adjusted the policy two years ago to keep the cost down. I anticipate making further adjustments after I reach age 80 if I have not needed to use the policy.

Smoke
Posts: 88
Joined: Thu Aug 30, 2018 12:45 pm

Re: No increase in LTC Insurance Premiums again this year

Post by Smoke » Thu Oct 11, 2018 12:37 am

Depends on the state I believe, I had a large increase last yr, it had to be approved by the state, now they can't ask the state for another increase for 4 yrs. Tennessee.
Other states may be different of course.

neilpilot
Posts: 1875
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: No increase in LTC Insurance Premiums again this year

Post by neilpilot » Thu Oct 25, 2018 8:58 am

Smoke wrote:
Thu Oct 11, 2018 12:37 am
Depends on the state I believe, I had a large increase last yr, it had to be approved by the state, now they can't ask the state for another increase for 4 yrs. Tennessee.
Other states may be different of course.
Also very much dependent on the policy....I'm also in TN, and my DW and I have the same LTC policies started in 1999. We included an annual 5% inflation rider, and our premiums were $800 each in 1999. We have never had a premium increase, and as I understand it our policy expressly states that our premium will not be increased.

User avatar
Artful Dodger
Posts: 470
Joined: Thu Oct 20, 2016 12:56 pm

Re: No increase in LTC Insurance Premiums again this year

Post by Artful Dodger » Thu Oct 25, 2018 3:17 pm

We went 9 years with no increase from Genworth, then a 50% pop last year. We could have switched from 5% compound increase to 3% compound, and the increase would have been 24%. I'm keeping the 5%, and will evaluate dropping to 3% if another increase.

Post Reply