Long-term care insurance rates continue to skyrocket.
This is a story from Massachusetts, but similar increases are being seen elsewhere.
In a story in the Boston Globe, people who bought long-term care coverage under group plans saw their rates rise nearly 100 percent over two years.
The story pointed out that there is no regulation of the rates for plans purchased under group coverage. About 100,000 people who bought policies in this manner are affected.
State officials said they hope to have regulations for such plans in place at some point but no timetable was released.
The story cited the policies written by Chicago-based CNA, but noted that plans sold by other companies were seeing similar increases.
CNA and John Hancock argued they need the increases to cover the costs of future claims as people live longer and health care costs rise.
It noted that many companies are no longer selling the policies.
If you have questions about elder care, feel free to contact us for a consultation at (626) 696-3145.
