I just received notification of a 95 increase in my premium for Long Term Care Insurance. I live in the state of PA. Is this legal?
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I just received notification of a 95 increase in my premium for Long Term Care Insurance. I live in the state of PA. Is this legal?
I am 62 years old.
I purchased this policy two years ago.
I really can’t afford this increase.
Asked on September 13, 2016 under Insurance Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
It is legal, unless the policy you had (which is a contract, and so is enforceable) set out a schedule of rate increases or capped the maximum rate increase, etc.; if it did, you can enforce that limit, but without a contractual limit on increases, they can quote you any price for long term care insurance they want--the law does not regulate maximum long-term care insurance rates.
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