With premium increases and another triple-digit rate hike looming, individuals across Maine are rethinking their long-term care insurance plans. Nearly half of the 35,990 Mainers with long-term care insurance could see their rates increase under pending requests before state insurance regulators as part of a long-term trend of rising premiums for plans purchased decades ago.
Kerry Peabody, senior account executive, employee benefits, Marsh McLennan Agency, Northeast, spoke with Bangor Daily News about the rise of long-term care insurance rates.
“Long-term care insurance premiums have risen over time to make up for lowball projections about future costs that companies made in the 1970s and 1980s when pricing the policies,” said Kerry. “Insurance carriers didn’t realize how many people would keep their insurance. They didn’t anticipate how long people would need care and be filing claims.”
Read the full article to learn more about this topic.
