Long-term Care Rates Rising

Long-term care insurance form and dollars.This is a story out of Massachusetts, but it may well be appearing in other states as well.

John Hancock has increased its premiums for long-term care insurance, leaving thousands in the Bay State with sticker shock, says a story in the Boston Globe.

The company sent notices to its policyholders informing them of the increase, and included were some of its oldest policyholders.

Premiums are going up by 20 percent, the story said.

Those hit with the increase are being forced to pay it or decrease their benefits.

The story said another company, Nationwide, also got permission to institute double-digit rate increases recently.

Many other firms have stopped selling the policies, it said.

The story said rates have risen because insurers set prices too low when they launched the policies.

Uncertainty about premiums was cited as one reason why people are shying away from buying the insurance.

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