Can long-term care insurance premiums increase after I buy?
Yes — traditional long-term care policies are "guaranteed renewable," so the insurer can raise premiums for an entire class of policyholders (not you individually), and many have. Hybrid policies usually have fixed premiums.
Yes. Traditional long-term care insurance is guaranteed renewable: the insurer cannot cancel your policy or single you out, but it can raise premiums for an entire class of policyholders with state-regulator approval. Many older policies have seen significant rate increases.
Two things reduce this risk: buying from a financially strong insurer with a stable rate history, and choosing a hybrid (life or annuity) policy, most of which have guaranteed, fixed premiums that cannot rise.
If you do face an increase, insurers must offer ways to keep coverage affordable — such as reducing your benefits instead of paying more.
General information only. This is educational and not insurance, legal, tax, or financial advice. Rules and products vary and change — confirm the specifics with a licensed professional.
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