Do Long Term Care Insurance Rates Ever Increase?
Partly due to the way some companies have priced their products, rate increases have been made on some policies. Consumers should examine the history of rate increases made by companies they are interested in. John Hancock and MetLife have never increased rates on their employer-sponsored group long term care insurance policies. It is also noteworthy that the Office of Personnel Management (OPM) required John Hancock and MetLife to use the National Association of Insurance Commissioners (NAIC) model guidelines designed to ensure premium stability. The purpose of the NAIC guidelines is to avoid or limit the need for future rate increases. Once enrolled, your premium under the Federal Program will not change because you get older or your health changes or for any other reason related solely to you. Your premiums may only increase if you are among a group of enrollees whose premium is determined to be inadequate. It is also important to keep in mind that no rate increase may be implemente
