Regular LTC policies without rate increases?

[Mr_Ed]

Yesterday, I received a notice that 2 policies I sold in Florida in January 2013 will now be increased by 98%! This 98% increase will be implemented on my clients over the next 3 years. So, Scott....your link above says that Florida enacted rate stability regulations in 2003? What happened? Did Florida forget?

Interesting.
My biggest Genworth rate increase in Florida on post Rate Stability policies sold after 2009 is 11%. But I rarely sold 5% compound inflation protection... that could be the driver here.

 

[ltcadviser]

Interesting.
My biggest Genworth rate increase in Florida on post Rate Stability policies sold after 2009 is 11%. But I rarely sold 5% compound inflation protection... that could be the driver here.

5% compound inflation could be the driver?
That's your answer?

Either there are rate stabilization guidelines or there are not!

Hey, we won't raise your rates as long as you don't buy worthwhile coverage.

Is that the quid pro quo!

 

[Arthur Rudnick]

"Either there are rate stabilization guidelines or there are not!"

Only in Scott's world.
I don't think I've ever seen an 11% rate increase.

 

[csalter]

I bought my policy from Genworth in California Seven years ago and it went up 26% this year.

 

[HealthGuy]

100% rate increases in a 3 year window...Thats nothing. Try selling a Federal Health Exchange health plan LOL

 

[ltcadviser]

I just made my 7th payment on my 10 Pay. Need to get lucky on 3 more years with no increases.

 

[csalter]

I just made my 7th payment on my 10 Pay. Need to get lucky on 3 more years with no increases.

Well, no lucky number 7 for me! They are doing the increase over three years so I'll feel the full effect of the increase by year 10. I'm glad I do have the 10 pay and I'll be done!

 

[JJ2713]

I just made my 7th payment on my 10 Pay. Need to get lucky on 3 more years with no increases.

Is it a hybrid policy or regular LTC policy?

 

[Tahoe Ray]

Is it a hybrid policy or regular LTC policy?

Regular...he wouldn't be concerned about rate hikes with a hybrid.

 

[JJ2713]

Am I right to assume that once you finish paying the premium (single pay, 5-pay, 10-pay, etc.) for a regular LTC policy, then no more rate hikes? They can't come back to you afterwards and force you to pay more premium?