Seniors

question everything

(47,481 posts) Tue Apr 4, 2017, 12:36 PM Apr 2017

Just get a notification about new rates for my Long-Term Health Insurance

and it was What??

I suppose I was lucky that for 10 years the rate was the same. And then it went up last year and now, they already are listing the raises for the next three years.

Well I have some options that I can choose in reducing some of the parameters. I just talked to the broker who got it for me and he said, and I knew it, that because interest rates have been so low for so many years, it affected the reserves. I also know that the whole field underwent shakeups with many leaving the fields or no longer offering these policies. So.. I will have to lump it.

I did ask him why they do not lobby Congress to allow policy holders to take credit for these premiums, the same way we do for contributions to IRA. Oh, that's and excellent idea he said. It is not as if I did not write about it to my representatives, of both parties, or the AAARP without even a pip of acknowledgement...

Sigh.

7 replies

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Just get a notification about new rates for my Long-Term Health Insurance (Original Post) question everything Apr 2017 OP

I've had my policy for over 30 years with no rate increases. The payout sinkingfeeling Apr 2017 #1

I have 5% inflation protection and this may have contributed to the raise question everything Apr 2017 #5

You have to watch out for the payout, though csziggy Apr 2017 #6

I know. My mother spent the last 2 years of her life in assisted living/nursing sinkingfeeling Apr 2017 #7

if I may ask a delicate question... dixiegrrrrl Apr 2017 #2

I think the OP is talking about Long Term CARE insurance. marybourg Apr 2017 #3

Yes, I am. And certainly Medicare is a good example of how many can be covered question everything Apr 2017 #4

sinkingfeeling

(51,457 posts)

1. I've had my policy for over 30 years with no rate increases. The payout

Reply to question everything (Original post)

Tue Apr 4, 2017, 04:01 PM

Apr 2017

amounts haven't been increased either at my choosing.

question everything

(47,481 posts)

5. I have 5% inflation protection and this may have contributed to the raise

Reply to sinkingfeeling (Reply #1)

Tue Apr 4, 2017, 10:13 PM

Apr 2017

When I first got it I took the best parameters - for 10 years, 30 days elimination period and it seems that the cost of nursing homes and assisted living keep getting higher. I think that once we, the baby boomers, start moving to nursing homes and assisted living there will be a shortage and with the good ol' supply and demand, well..

csziggy

(34,136 posts)

6. You have to watch out for the payout, though

Reply to sinkingfeeling (Reply #1)

Wed Apr 5, 2017, 12:18 AM

Apr 2017

My mother in law had long term care insurance for decades. While it was great coverage when she signed up and her rates never increased by the time she needed it last year it didn't pay even a quarter of the amount the nursing home and assisted living facility cost. Medicare paid part but it sure didn't pay it all. Now that she is gone, the family is trying to sort out everything and collect as much as she was entitled to.

sinkingfeeling

(51,457 posts)

7. I know. My mother spent the last 2 years of her life in assisted living/nursing

Reply to csziggy (Reply #6)

Wed Apr 5, 2017, 08:30 AM

Apr 2017

home. About $6 K a month.

dixiegrrrrl

(60,010 posts)

2. if I may ask a delicate question...

Reply to question everything (Original post)

Tue Apr 4, 2017, 05:35 PM

Apr 2017

Since you posted this in the Senior's group....are you old enough for Medicare???

I have it, it is great, and is badly needed as a single payer model.

marybourg

(12,631 posts)

3. I think the OP is talking about Long Term CARE insurance.

Reply to dixiegrrrrl (Reply #2)

Tue Apr 4, 2017, 06:31 PM

Apr 2017

As in a nursing home or substitute.

question everything

(47,481 posts)

4. Yes, I am. And certainly Medicare is a good example of how many can be covered