Diane received an email this week from a long time listener who received a notice of a 301% rate increase request from his LTC insurance company. This episode discusses the process of requesting and seeking approval for rate increases. This process is heavily regulated from multiple angles. It's definitely not a random insurance company tactic to create more profit or to force policy holders to cancel their policies. I know it seems like it sometimes. Rate increases cause a lot of headache and extra work and payroll expense to the insurance companies as well. They don't want to have to increase rates. I was going to post the link to the court decision here, but the header on the document says I can't. If you want to find it yourself, look up "New Jersey court prevents LTC rate increase". You'll find it. The National Association of Insurance Commissioners (NAIC) consists of Commissioners from all 50 states. They have a Rate Stability Rule you can read about here If you really like reading about this stuff, the American Association of Actuaries Compliance Guide can be found here Let's find time to have a converstion and determne if and wht kind of and amount of benefits can help your family when that need shows up. Schedule here

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