The provider of our long term care insurance Genworth has given us the choice, for the past 2 years, of having our premium increase 20% or having our benefits decreased and paying current premium amount. Can they continue to do this or are there reasonable caps on the amount premiums can increase annually? If there are no caps, at some point, we will be unable to pay the increases or the benefits will have decreased such that it no longer make sense to continue coverage, leaving 20 years of paying premiums and receiving no benefits at all
Thank you for any information you may have on the subject. I am quite sure we are not the only 70 & 80 year olds who are having this occur with the seeming hope that we will have to cancel coverage as we approach the ages when we might need some care, and the insurance company might have to pay some benefits.