The Hartford Courant is reporting that some legislators are calling for public hearings regarding Genworth's proposed 9% rate increase for long term care insurance premiums. But that's chump-change compared to proposed increases from other insurers ranging between 29% to 49% or higher! Ouch!
I've always counseled clients to try to get long term care insurance if they're insurable and if they can swing the premiums without taking a hit in their standard of living. This is because the long term care insurance route is generally the preferred approach compared to Medicaid planning. But if premium rates continue to rise like this then the preferred approach is going to be a viable option for fewer and fewer clients.
I don't know how much of an impact these proposed public hearings will make, but I suppose they can't hurt. I'll keep my ear to the ground on this issue.
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