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What will you do if your long term care premium increases?

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There are many benefits of a long term care insurance policy, including the peace of mind that comes along with the financial security.

But what happens if your long term care coverage increases in cost? If this happens, it is important to understand two things:

-- Why the increase occurred.

-- Your options for dealing with the increase in the future.

Once you contact your insurance company, you should have a clear idea of why your premium increased. You may not like the answer you receive, but at least you know what you are up against and how to make the right decisions to better your situation.

If you are find yourself in this spot, here are some of your options:

-- Pay the new premium. You may not want to do this, but it will allow you to keep the exact same coverage.

-- Opt for reduced benefits. You can continue to pay your same premium with reduced benefits. For many, it is better to have some coverage than none at all.

-- Let it go. If you are no longer able to afford the cost of long term care insurance, you have the right to let your policy expire. Before doing so, however, think about the long term implications.

You have options in the event that your long term care premium increases. If this happens, make sure you know exactly what is going on. This will ensure that you are on the same page as your insurance company, thus avoiding trouble in the event that you need to make a claim.

Source: USA Today, "How to handle long-term care premium hikes," accessed Nov. 10, 2015

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