Long Term Care Insurance Premiums And Premium Increases 101

Your are influenced by the type of policy chosen, daily benefit amount to be paid, your age, number of years the policy will pay benefits, choice of inflation protection and the number of days after you qualify for the benefits before the company will start to pay benefits. For example a company may calculate the premium based on every $10 of the daily benefit you choose. The premium would be $950 per year for a daily benefit of $100, if the company charged $95 for each $10 of daily benefit. When it became mandatory in 2006 for all companies filing for premium increases over a certain amount to offer a choice, policy holders got to choose between stop paying their premium and keep the benefits equal to the total amount of premiums already paid. If you need to lower your premium or you have received a premium increase notice contact your local Health Insurance Counseling and Advocacy Program (HICAP) office.