Any cap on amount of annual premium can be increased for long term insurance?

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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.

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They are all doing it. Your states insurance commissioner had to approve it & apparently did. The insurance co control the market with rare exceptions. They show " hardship" & the insurance commissioner allows the increase.
Genworth probably can't break even with the payout needed on the older policies due to increasing costs and people living longer and low interest rates. Personally I'd bet they increase even more for the older LTC policies. Yours - I bet - was written in the 1990's, right? Personally I would pay the increase - if need be get your kids to chip in. you can't get a new policy. If you want LTC insurance, there is no option but to pay the increase. It will level out.

As an aside both MetLife & Pru have stopped writing new policies.

There is a really good article on ways to get the increase somewhat lowered - like get the benefits inflation rate reduced - that Michael Kitces wrote back in 2012 when the increases first started. Google his name & LTC rate increases. This site usually doesn't allow to posts links.
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I just googled this because I was curious. I found a 2011 article about these rate hikes (mentioning Genworth, but also John Hancock and others). The article said that the insurers have to get state regulators to agree in most states to agree to rate hikes (like other regulated industries, I guess) but it hasn't been difficult to convince regulators that the increases are needed, due to the increasing life spans and the length of time people are living in a disabled state. I know that doesn't help you much. Sorry.
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