Long Term Care Insurance and Rate Increase

View Long-Term Care Insurance Rate Increase histories from TDI. 

     A common questions I get from clients across the country is can my long term care insurance rates be increased in the future?  The simple answer is yes, but not as likely, and much less dramatic, with financially strong "A" rated companies.  The reality is long term care insurance has only been around for 34 years and the companies are always improving their actuarial figures as they have begun to understand the huge mass of Baby-Boomers who have begun to retire and file claims against their long term care insurance policies.  For example, Genworth is the oldest long term care insurance company and have been selling this insurance for 34 years; they have had to raise rates on a small segment of their book of business once in 2007 at 8-12%.  Even the big companies can and will raise rates, but typically the companies who do have a solid financial ratings will raise responsibly and only as a last resort for the book of business to stay afloat.  There have been bottom-feeder companies such as Conseco, Bankers Life who have increase rates multiple times at 30-90% per increase.   

     In our opinion this type of insurance is one where you must buy from a named brand company who does not have a history of multiple long term care insurance rate increases and one with deep deep pockets.  At LTCtree we work with most all the major LTC companies and have an understanding of the rate increases history of all the carriers and will lay that info out for you to judge for yourself which company you'd like to instill your trust in.  Take a second and fill out the form below and we'll mail you out your quotes from the top responsible long term care insurance companies.