Pouring through the Manulife Financial (aka John Hancock) financial report, it was mentioned twice that LTC is causing a few headaches for the company.  The author of the report is careful to state that the results being seen currently could be a temporary thing related to the economic climate, but the chance is very real that Long-Term Care Insurance needs some adjustments at many of the nations' Long-Term Care Insurance carriers.

Here's the word directly from Manulife:

Claims Risk

The morbidity experience in the John Hancock Long-Term Care business was unfavourable relative to expected levels assumed in the policy liabilities. This experience may be influenced by the current economic conditions or may be indicative of future experience. The Company is analyzing the information to assess the impact on the future policy liabilities and product pricing.

So this is where we stand now.  However, as opposed to what some publications may tell you, waiting years into the future may not be a wise move when it comes to looking at LTC.  The policies for new policyholders have been increasing year by year.  In fact almost weekly, somewhere in the US, a state will approve a higher rate for new Long-Term Care policyholders with one of our carriers.  We know because we are having to update our software for generating comparison Long-Term Care Insurance Quotes.

The report also sets the stage for potential rate increases on existing policies in the future.  While not a forgone conclusion, it is wise to consider the possibility, and plan for it, of potential rate increases anytime you are buying a new Long-Term Care Insurance policy - from any company.  As the top-selling carrier of LTC Insurance currently, John Hancock is among only a few leading companies that can spot these kinds of trends early.

So, here we stand, in early 2010, on the precipice of the possibility of future rate increases of Long-Term Care Insurance.  The importance of purchasing such policies is not diminishing, so therefore it is wise to consider LTC, but leave yourself some room for future rate increases, just in case.  If you'd like to get your own personal rates and analysis, we are very happy to help.