December 31st, 2007
Long Term Care Insurance, Guaranteed Premiums And Other Misconceptions
Most people who buy LTC insurance are not aware about future premium increases. LTC insurance premiums are not guaranteed and may increase with permission from state departments of insurance.
The obvious question is have they and will the in the future increase premiums? The answer is yes, they have and many will also increase premiums. Insurance companies can raise rates but only for everyone in the same pool of insured. The company cannot target individual policyholders for special rate increases despite the number of claims someone may make.
- Other misconceptions about LTC Insurance: