MetLife Long Term Care Insurance Rate Increases Affect Many Aging Patients

Many elderly people who anticipate the possible need for long term care as they age purchase long term care insurance. However, the recent MetLife long term care insurance rate increases have affected many policyholders, some of whom see these rate hikes as unfair and possibly unlawful.

What is Long Term Care Insurance?

Long term care insurance is similar to health insurance. Offered by large healthcare companies like MetLife, long term care insurance is designed to cover the long term needs of aging patients, such as long term custodial care, nursing home care and personal medical care.

It it designed to give back daily when a patient must enter long term care such as assisted living facilities. Long term care insurance policies can pay for help with activities of daily living such as help with eating, bathing and dressing. Also, it can help pay for skilled nursing care from medical professionals or therapists.

Those people who purchase long term care insurance do so because they believe they may not be able to pay for long term care as they age. They depend upon their policies with companies like MetLife to follow through on their agreements to pay for long term care when needed. In fact skilled nursing care or assisted living facilities can cost almost $100,000 per year.

Long Term Care Coverage Denial & Rate Hikes

Long term care insurance coverage may seem like a great idea for those aging patients who anticipate needing long term care in the future. However, some policyholders are complaining that long term care insurance providers like MetLife are hiking their rates enormously.

Some policyholders have also paid for policies that should provide a drop in rates after they reach the age of 65 or after ten years of coverage. Even these policyholders report seeing MetLife long term care insurance rate increases.

Under MetLife, this program is called the “Reduced-Pay at 65 Option.” This offers policyholders the option to pay less when they reach the age of 65 (often the age of retirement). When the lower rate kicks in, policyholders pay 50 percent of what they were paying previously.

MetLife does not seem to be honoring their reduced pay after sixty-five program, according to some policyholders. One policyholder has reported MetLife long term care insurance rate increases instead of a reduction in rate.

In addition to the MetLife long term care insurance rate increases, some who are expecting to receive the benefits of insurance that they have paid for report that their claims for coverage are being unexpectedly denied. Many MetLife long term care insurance policyholders are not able to receive the benefits of the coverage they have been paying for.

Indeed, many aging patients are on fixed incomes, so paying out-of-pocket for long term care is impossible. When they experience MetLife long term care insurance rate increases, many cannot continue paying for the policies they were counting on. In fact, they often find they must either pay the increased rate, cut their benefits or drop their policies altogether.

If you have been affected by MetLife long term care insurance rate increases, you may benefit from speaking with an experienced attorney.

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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