Purchasing long term care insurance is not an easy decision, and policyowners should take comfort knowing that they have taken an important step in providing options for long term care if and when they may need it.
Many factors have changed over the years that have impacted the pricing of long term care insurance policies. Based on current information, insurers now expect to pay higher amounts of benefits than had been originally anticipated, resulting in the need for many insurers to request premium rate increases on inforce (existing) policies.
Not unlike what most other long term care insurance carriers have already done, MassMutual has also made the difficult decision to request premium rate increases on most of its long term care insurance policies.
Importantly, no individual or policy is, or can be, singled out for a premium increase due to a change in age, health, claims history, or any other individualistic characteristics. Also, most long term care insurance policies are guaranteed renewable, including MassMutual’s. This means that an insurer cannot cancel or refuse to renew a policy, but premium rate increases can be requested with the appropriate regulatory authority for review and approval/acceptance as required under state laws and regulations, which may vary.
If a policy is impacted, policyowners will be notified in writing at least two months prior to the effective date with specific details and options that may be available to help reduce the premium.
If policyowners have questions before they hear from MassMutual directly, they should contact their financial professional. MassMutual’s Long Term Care Administrative Office is also standing by at 888-505-0394.
The need for long term care can be one of the most significant challenges a person can face, both emotionally and financially. Since MassMutual’s first long term care insurance policy was issued in 2000, the company has paid hundreds of millions of dollars in long term care insurance benefits. If and when the time comes to rely on a policy’s coverage, policyowners can count on MassMutual to be there for them.