The short answer is yes, but not easily and only in certain circumstances.
Long Term Care insurance is designed, reviewed and regulated to never require a rate increase once it is inforce. However, the law allows insurers to request rate increases if deemed necessary. These increases can only be on a group of people, based upon the product they purchased. The rate increase request is reviewed by each state’s Department of Insurance who has the authority to decide if a rate increase is granted, and if so, how much increase is allowed.
Rates cannot be increased for reasons like:
- Increasing age
- Gender
- Health condition(s)
- Filing a claim
- You individually