IL Insurance Dept.
First of all I have listened to you for many years on WGN radio and enjoy and respect your advice!
I am a 79 yrs. old woman (divorced) who has had LTC insurance since age 59 per yours and others’ advice as the optimum age to buy it. The insurance started at $2000 per year, more than doubling about 8 years ago when LTC insurance had to raise the premium due to rising cost of LTC. Until the last few years my out-of-state children paid the premium until a few years ago I started receiving my deceased ex-husband’s SS.
Last week in the mail I received a letter from the LTC insurance company stating
“In accordance with the IL Insurance Dept. legislative change, enclosed is an amendment providing the updates to contract provisions to your individual LTC policy.”
It goes on to basically state that if I should get a chronic illness I will be charged a certain percentage more to the policy! The percentage range goes from 20% to 100% depending when the policy was purchased! I called the insurance co and they said I’d have to take it up with the IL Insurance Dept! This seems absolutely illegal to me – all that hard-earned money for that exact protection basically dissolved by the State of Illinois!
If you have any way to help, please let me know. Sincerely, Pat Mueller, Aurora IL
Terry Says
Please immediately call my LTC expert Brian Gordon at Murray A Gordon Associates –800-533-6242. Tell him I said to call. You can trust him completely and he will give you advice on the best way to deal with this. Let me know what happens.
