Benefit reductions to offset LTC premium increases: Evaluating options

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By John Hebig, Mike A. Bergerson | 14 March 2016

Rate increases in the long-term care insurance market are continuing, and there are several possible benefit reduction options that insures can—and in some cases must—make available to policyholders. Most are subject to regulatory minimums and maximums. Some options are required under the National Association of Insurance Commissioners Model Regulation. Insurers have a responsibility to policyholders to clearly communicate their options at the time of a rate increase.

This article originally appeared in the August 2015 issue of Long Term Care News, a newsletter published by the Society of Actuaries.