Whew. Let’s note that a premium of $6,000 would cover just ONE month’s full time care in NY! But also note, that she probably has a 90 or 100 day DEDUCTIBLE on this policy, so it wouldn’t kick in until after that is paid. (And if you notice a decline, that is one reason you should “game” the system by asking her physician to certify that she needs care at least two hours a day for help bathing, for example.) That means you could get the “deductible” 90 days (or 100) out of the way at a far lower cost than paying for full time care! Ask your agent if she has to undergo a second deductible if she “interrupts” her period of care after satisfying the deductible.
I know this isn’t what you asked about — but I wanted to bring it to your attention because if the insurers are switching their premiums mid-stream you should have all the facts to get the most out of your policy! (You may have to argue with your mom to accept this minimal care on a daily basis — my Dad argued –until I explained it was a way to get the deductible satisfied at a reasonable cost!) At age 92 most physicians feel comfortable “certifying” the need for care to begin, based on difficulty completing two of the basic daily activities of living. Just a piece of info for you.
And now, back to your original question. You can’t play “God” on this. I personally HATE to give the insurance companies a “win” when they make this offer. I’m paying more myself just to spite them — though I hope I’ll never use it! (I realize that is not a scientific formula!) If you can’t afford the new higher premium, then do switch from 3 years to 2 –but do not lower the payout. Costs keep rising, while time keeps shortening.