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Increased premiums for MetLife long term care benefits have caused outrage and confusion among policyholders.
MetLife is an insurance company that has sold long term care insurance policies since the 1980s. Long term care insurance is designed to pay for extended care needed at nursing homes, assisted living facilities, or in other long term care situations. MetLife long term care benefits cover the costs of daily needs (bathing, medication help, dressing, eating, hygiene, etc.), skilled or intermediate care, therapists, and other professionals needed for long term care.
Individuals invest in long term care insurance because of the high costs of long term care. In-home care or nursing home care can cost over $90,000. Individuals who need long term care are often on fixed incomes, so it is important that their insurance premiums are affordable.
To appeal to this demographic, MetLife offered the “Reduced Pay at 65 Option” to their policyholders. Policyholders who opted into the program would pay more than the regular yearly premium until they turned 65 when their premiums would be cut in half.
According to lawsuits filed about MetLife long term care benefits, MetLife did not honor this promise. Instead, policyholders who specifically paid for reduced premiums after they turned 65, or after 10 years, are seeing huge increases in their premiums.
A MetLife class action lawsuit filed in 2016 alleged that the lead plaintiff’s premium increased 102% three years after she turned 65. This dramatic increase allegedly cost her $3,890 more than what her contract initially promised with the “Reduced Pay at 65 Option”.
For policyholders whose rates are increased, there are three options: pay the increased premiums and risk financial stability, cut down on their benefits to keep the premiums low, or drop their policies with MetLife completely. None of these options are ideal and can put an individual’s health and financial safety at risk.
Long term care insurance companies, including MetLife, routinely deny or delay insurance claims despite policyholders consistently paying their premiums for years. Long term care insurance companies delay or deny claims for a variety of reasons and allegedly use the sometimes vague terminology in insurance contracts to their advantage.
This can be detrimental for individuals and their families who are unable to afford the long term care without their MetLife long term care benefits. For example, long term care insurance companies often deny claims for assisted living facilities by claiming that they aren’t covered, even though the policies provide full coverage for a variety of facilities.
Individuals with long term care insurance through MetLife, MassMutual, Genworth, Cigna, John Hancock, Unum, or Continental Casualty who have experienced an improper handling of their insurance policy may qualify for legal action. If you or a loved one were subject to an improper premium increase or an improper claim denial, you may be qualified to take legal action and recover compensation. A qualified legal professional can help you navigate the red tape associated with insurance claims or advise you on potential legal action appropriate for your situation.
Join a Free Long Term Care Insurance Lawsuit Investigation
If you or your loved one were subject to an improper premium increase or an improper claim denial, you don’t have to take on the insurance company alone. You may have a legal claim.
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2 thoughts onIncreased Premiums for MetLife Long Term Care Benefits Shock Customers
I have been paying a high price for Met Life long term care for years so my family will not have to pay. These prices should have been studied by the company. The company has doubled the cost. My choice is to decrease my benefits or discontinue my policy. The appears like they were selling a great policy with legislative support, just to get our money then choke people out of their money. I believe that they should refund all the money they have gotten from me because it was obtained as a lie.
We have had a Mass Mutual long-term care policy since April of 2001. We recently received a notice that we could either keep this policy at the same premium and have reduced benefits; pay a higher premium to keep the same benefits; or opt-out, pay no more premiums, and receive the money accrued as a benefit (if or when we go into a nursing home). We executed the paperwork properly, sent it via certified mail well before the time required, and have received no further word from Mass Mutual…other than a letter saying that there was a payment due. We are now talking about a period of five (5) months. We have called three times requesting written affirmation of our compliance and the new amount to which we are entitled. Each time we call we receive a different answer…the last being that they show that they DID receive our opt-out form but they still don’t know when they will be prepared to issue us the paperwork.