[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/long-term-care-insurance\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/long-term-care-insurance\/","headline":"With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?","name":"With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?","description":"When clients ask us whether it is right for them, we consider their overall plan and unique situation. Sometimes we recommend long-term care insurance, sometimes we don\u2019t, depending on the client\u2019s needs and goals. But what if you\u2019ve already purchased long-term care insurance, and you\u2019ve seen your premiums rise dramatically in recent years? First of […]","datePublished":"2022-09-26","dateModified":"2023-07-24","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/long-term-care-insurance.png","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/long-term-care-insurance.png","height":974,"width":1366},"url":"https:\/\/www.amorusolaw.com\/blog\/long-term-care-insurance\/","about":["Elder Law"],"wordCount":318,"articleBody":"When clients ask us whether it is right for them, we consider their overall plan and unique situation. Sometimes we recommend long-term care insurance, sometimes we don\u2019t, depending on the client\u2019s needs and goals.But what if you\u2019ve already purchased long-term care insurance, and you\u2019ve seen your premiums rise dramatically in recent years? First of all, you\u2019re not alone. In some cases, premiums have gone up as much as 40 to 60 percent in recent years. The reason is that many insurance companies have suffered major losses on policies written more than ten years ago, and they are looking to recoup those losses. (A number of companies no longer offer long-term care insurance at all.)If your premiums have increased, should you keep the policy? Make changes to it? Look for a cheaper one? Here are some factors to consider:If your policy is more than two years old, you probably will not be able to find a cheaper one to replace it if you choose to cancel the existing policy. It may also be harder to qualify for a new policyIf your premiums have risen more than 20%, you may want to reduce your daily benefit to try and keep the premium downYou might be able to reduce your premium by lowering the rate of inflation protection. However, make sure it is not applied retroactivelyContact a New York Elder Law AttorneyGiven that every family is unique, with particular needs and goals, it is advisable to discuss matters such as long-term care insurance with an experienced\u00a0elder law\u00a0attorney. We can review your policy and your existing plan to determine whether it is in your best interests to keep your existing policy. We can also recommend other tools and strategies that can help ensure you get the long-term care you need without losing your life savings.\u00a0Contact us today for a consultation."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?","item":"https:\/\/www.amorusolaw.com\/blog\/long-term-care-insurance\/#breadcrumbitem"}]}]