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My only advice is this, look up the ratings of long term care insurance companies first before purchasing this can help in finding a company that can meet your expectations when you file for claims, provides high quality products and services, and financially stable.
You can still keep your insurance and pay more affordable premiums but only if you're willing to make some adjustments like by making your benefit period longer and by limiting your benefit amount. But make sure that you can still benefit from your policy before making any changes.
Most of the time. You can eliminate the inflation rider, which adds 3 - 5% a year to daily benefits and really by her age has done it;s job. You can reduce the total benefits either in years or dollars to reduce benefits. You can reduce daily benefits if she doesn't need as much to meet her requirements and her income makes up the difference. Finally you can request a paid up policy to date if what they provide is worthwhile. Marion J S.Certified Senior Needs Planner
Yes, I agree with igloo. If her current premium plus $350 is less than the cost of AL or SNF, it's a no-brainer.
Just as an aside many, many of the players in LTC policies - especially the older policies - have gotten out of the market as the revenues from them are just not profitable. The costs of care have increased so much that now it is hard to make a profit so it's hard for the consumer to get a new policy that actually pays well without a lot of qualifiers. My mom's NH just flat will not take LTC policies for payment as the reporting required for them to get paid is just not worth it - they would rather deal with Medicaid than an insurance company.
So you need to carefully read her policy. Basically they can IF your state insurance commissioner has approved their request to do so. For some states, if the insurance commissioner won't approve the increase, they just shut down working at all in the state. Not to sound harsh but you probably don't have any choice either pay or cancel. At 5K to 15K a month for private pay for NH, an extra $ 350 to provide for care is a bargain.