Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: The forcast for future rate increases?

Posted by Steve Eads, CLU on November 21, 2002 at 12:26:12:

In Reply to: The forcast for future rate increases? posted by Brian Hawaii on November 19, 2002 at 23:34:42:

: I know that insurance companies reserve the right to raise inforce premiums and no company likes to raise there premium,however how much will and what type of projections can we look at to make and educated guess.

Brian...My chrystal ball is in the shop for tune-up. Sorry, couldn't resist! However, that's pretty much the size of things. When people ask that question, I reply that they should consider whether or not they could afford a 20, 25, or 30% rate increase after retirement, while living on a fixed income. If the answer is NO, then they need to seriously consider the cost of the plan they want today vs. their "anticipated" ability to pay later.

That's an educated way of saying...WE DON'T KNOW, EITHER...and how could we?????

If anyone say's he or she DOES know then run away, FAST...because "they speak with forked tongue."

Contingency planning for LTCi is no different from that of financial planning. The key point is, however, "to do nothing because of some possibility in the future is generally unwise."

Steve Eads, CLU
www.LTCiPro.com

Follow Ups:

Re: The forcast for future rate increases? : : I know that insurance companies reserve the right to raise inforce premiums and no company likes to raise there premium,however how much will and what type of projections can we look at to make and educated guess. : Brian...My chrystal ball is in the shop for tune-up. Sorry, couldn't resist! However, that's pretty much the size of things. When people ask that question, I reply that they should consider whether or not they could afford a 20, 25, or 30% rate increase after retirement, while living on a fixed income. If the answer is NO, then they need to seriously consider the cost of the plan they want today vs. their "anticipated" ability to pay later. : That's an educated way of saying...WE DON'T KNOW, EITHER...and how could we????? : If anyone say's he or she DOES know then run away, FAST...because "they speak with forked tongue." : Contingency planning for LTCi is no different from that of financial planning. The key point is, however, "to do nothing because of some possibility in the future is generally unwise." : Steve Eads, CLU : www.LTCiPro.com

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Texas license # 1270417