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I've been paying for this policy for years. Are you raising premiums because now I'm older and more likely to need my benefits?
No. Premium increases are not due to a change in individual health, age or claims history. Long term care insurance companies are only permitted to increase premiums on a group of policies that have similar characteristics and benefits, and that are issued in the same state on the same policy form. Premium increases are based on actuarial projections of future claims costs, which demonstrate that a rate increase is warranted.
Where does it state in the policy that you can change premiums?
Our Limited Right to Change Premium provision is located on the first page of the policy. Your long term care insurance coverage is guaranteed renewable, which means we cannot cancel or refuse to continue your coverage because of a change in your individual health, age, or claims history. This means as long as you pay the required premium on time and have not used all of your benefits, your coverage will continue. However, it does not mean the premiums are guaranteed to remain the same.
Did my state approve this increase?
We only implement premium increases in accordance with the state laws and regulations of the state in which policies were issued. State regulation requires insurance companies to file and support premium increase requests with justification.*
* With the exception of Alaska
Is my state the only state where you are implementing this premium increase?
No, we implement premium increases in each state as they are filed and allowed.
If I purchased my policy in a state where a premium increase is being implemented, but have since moved to another state, will my premiums still increase?
Yes, premium increases are based on the state in which the policy was originally issued, not where you presently live.