Warning, in these perilous times, you're much more likely to ripped off !

[Dachsie]

I purchased a long term care insurance policy about 12 years ago and have paid in about $20,000 in premiums over the years. I recently received a notice that they are going to raise my premiums 64% starting June 1, 2017, and they anticipate future rate increases to follow. I am seeking an attorney's help to seeing if I have any options in fighting back. I was told my premiums would never increase and I would never had signed up if I had been fully informed that they could increase as I know my income is fixed and I cannot pay one dollar more than I signed up for, and even that it is getting difficult with increased prices for everything.

I was sold this policy through a retired teachers association who seem, as I see now, to be solely in the business of selling bad insurance policies of various kinds.

Just thought I would warn you to read contracts very carefully before you sign anything and get promises in writing. Better yet, don't sign any contracts.

I think this action is something THEY think they can get away with now that economy is on the brink of collapse. It is like the rats abandoning the sinking ship. They are going to force me to drop my coverage and they keep all my money and run, or try to juice some more money out of me until the next rate increase.

This insurance company has tried to do several dishonest deceptive tricks on my account and it is extremely unlikely they would ever pay any claim I might make. They appear to be in the steal-the-money-and-run-game and then go out of business.

Caveat Emptor! especially now.

[madfranks]

Sorry to hear that. My family and I are under similar circumstances right now, shopping for a family insurance policy and the premiums are so insanely expensive with such high deductibles, that outside of a catastrophic disaster I can't see how we'd ever get our money's worth.

[Dachsie]

Just make sure about there being a clause that says "premiums will never increase."

I will let y'all know the outcome of this and what specifically to be careful about.

I think insurance companies are no better than the banksters.

[madfranks]

Just make sure about there being a clause that says "premiums will never increase."

To be honest, I don't think such a thing exists anymore.

[Dachsie]

You are probably right about that, but it did exist at one time and that is certainly what I was told by the sales person and I knew to say no if I did not get the right answer to that question. However, I probably failed to read the fine print, so that is what I will have to find out.

No one approaching retirement and fixed income should sign up for such an open-ended gamble.

When you think about that situation, you are taking a very big risk in buying an insurance policy because the insurance company can raise rates or go out of business any time and they always get to keep all your money. And it is increasingly unclear what service they are actually providing. More and more people have to sue the insurance company to get them to pay a claim and most people just give up and don't have the money to sue and fight so they just let it all drop. The insurance business actual overage and payment of claims almost looks superfluous and not what they care about at all. They are just in the business of getting money and keeping it with minimal risk to themselves and use the insurance business itself is just the vehicle to do that.

I think insurance companies, just like public and private retirement funds and municipal and county governments are badly hurting for money. They are scrambling for places to invest their money to get decent return on their investments to meet their obligations and take high salaries off the top for themselves. but those places are evaporating, especially bonds. They are left with only the stock market and that is an overpriced bubble about to burst now too.

[crimethink]

Insurance corporations are not in business to pay out benefits. They are in business to collect premiums.

Promises are irrelevant. Written contracts are irrelevant. They have an army of lawyers, and you do not.