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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I just got a weird letter from my long term care insurance group,  saying my rate was going to jump nearly 40%. I think they're trying to get out the market.  I was offered an alternate plan for a 33% jump which increased my waiting time from 90 days to 180, or one which drops my daily coverage by 10% but only drops my premium increase by 5% or so
WWYD? 
I am thinking of leaving it as is, but hoping I won't see another 40% jump next year, and the year after. The company said they CAN'T drop my policy, I wonder if they're trying to price me out. :(
I have had this policy almost 16 yrs [/quote]

This is why we haven't gotten LTC insurance.  Too many stories like this.  I'm not sure what your best option is here.  Is the 90% daily coverage workable in your overall financial plan?
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+1. There have been threads on this on this board in the past.  I've never seen a LTC policy that didn't have the possibility of basically unlimited fee increases in the fine print somewhere (even the one for Federal employees).  Most end up like OP (and PP with the 90-year-old mother).  Once you've paid in for decades, they've got you over a barrel.

LTC insurance is less like an auto policy (huge pool and relatively low incidence of accident, so the premiums can be low) and more like dental insurance (almost everyone is going to use it at some point, so the premiums are high and it's really more like a pre-payment plan).

Sorry -- I really don't have any advice, other than do a cost-benefit analysis of how old you are and how likely it is that you will need LTC.  Also, look very carefully at the plans limitations; most LTC plans don't cover care indefinitely.  Many (most?) have time limit, which makes it easier to judge whether you're just better off investing the premium and self-insuring.  LTC worked well for my MIL, because she had limited resources and developed Alzheimers before she was too old for her premiums to have skyrocketed. However, when she died, she had just passed the end of her benefit (but she didn't live long enough to exhaust her other resources).  My view, as well as that of my financial advisor, is that if you have significant assets in retirement, you're better off "self insuring."

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