Long Term-Care insurance problems
Long Term Care Insurance is a much needed product that has impacted countless lives. However, as with all products of this nature, there can be problems. One is that when you purchase a policy, it is possible that the amount you pay for it, or the rate, can be raised during the life of the policy.
How can this be, and who determines that increase? Fortunately, any increase in rate is not an easy matter for the carrier to accomplish. They first must petition the insurance commissioner of each state they have sold policies in and present compelling evidence that the increase is warranted and is a benefit to the policy holders. How could a rate increase be of benefit? If a company is paying out more in claims than it is taking in, it could be in jeopardy of bankruptcy, which would cause all policy holders to be without coverage.
Here is some discussion about policy rate increases you find helpful.
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