Are costs for Pennsylvania Long Term Care Insurance fixed once Im enrolled or do they increase each year?
Policy costs (premiums) are “locked in” based on a person’s age and health at the time of purchase. However, in a formal sense, all insurers reserve the right to increase the premium. If this were to happen, it would increase on a class basis, for the entire product series and it must be approved by the State Insurance Commission. Premium rates cannot be arbitrarily increased due to an individual’s claims, health status, or age. Because of the involvement of the State Insurance Commission and the auditing and examination necessary for a premium increase, such increases rarely happen.
