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Long-term care insurance premiums are rising again in Pennsylvania, by a lot. Here’s why.
About 100 companies nationwide sold stand-alone long-term care insurance in 2002, according to the National Association of Insurance Commissioners. Now, there are only 17, which includes 10 companies selling policies in Pennsylvania.
Genworth and other carriers are just now seeing the results of actuarial errors made years ago, said Richard Sabo, principal of Gibsonia-based RPS Financial Solutions.
“The industry has been imploding because they sold a ton of policies and they mispriced them,” Sabo said. “They have a financial mess.”
About 100 companies nationwide sold stand-alone long-term care insurance in 2002, according to the National Association of Insurance Commissioners. Now, there are only 17, which includes 10 companies selling policies in Pennsylvania.
Genworth and other carriers are just now seeing the results of actuarial errors made years ago, said Richard Sabo, principal of Gibsonia-based RPS Financial Solutions.
“The industry has been imploding because they sold a ton of policies and they mispriced them,” Sabo said. “They have a financial mess.”