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Downsizing, To Move or Not to Move? That is the Question
Aging Well | Last Active: Feb 13 12:35pm | Replies (529)Comment receiving replies
It's rare to hear of someone who bought long term care insurance and has only had 1 premium increase. My policy has increased frequently not to mention a major law suit brought against the insurance company (not by me). Because of that subscribers needed to reduce services they wanted. We're paying high prices but will only get minimal services when the time comes. If you drop the policy, you lose all the money you've paid in over the years.
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I have not heard of this scenario (increase of premiums). I purchased my long-term care insurance in 2013 and have never had a price increase. I believe I was told this was a fixed premium, and I know I was told that if I did not end up using the policy, that the full amount of premiums paid (not dividends they earned, though), would be refunded to my estate to be used in whatever way I designated in my will. This is written into the policy. I check in with my agent from time to time (every two or three years) just to stay in touch.
Anyone else have premium increases or diminishment of services insured for? My policy does have the same stipulation that if I drop it, I forfeit all premiums I have paid, but I am in no way thinking of doing that.
Thanks, all!