Ask Terry Questions Long-Term Care — Have my benefits been reduced?

Long-Term Care — Have my benefits been reduced?

By Terry Savage on September 09, 2015 | Insurance & Annuities

I bought a long-term care policy from MetLife over 20 years ago. I know they stopped selling new policies several years ago, but I still have mine. I read your recent column about LTC and was wondering if you know whether the benefits from MetLife have been reduced in any way. I have not had to use any benefits yet.
Thank you.

Terry Says:   I’m presuming you are paying your premiums every year (or more frequently), and that your policy is still in good standing.  If you are still receiving bills and confirmation of payment (via cancelled check, or in a response from them) there is no need to worry. You will definitely hear from them if they decide to raise your premiums.

But you can certainly check on your situation by contacting the company, giving them your policy number, and asking them about the coverage you would have if you needed to use the policy this year.  If you had “inflation protection” you may find out that the current benefit is higher than the original $150 or $200 a day you purchased.  (Remember, you can’t “trigger” the policy until a physician confirms that you are unable to do some of the basic activities of daily living — toileting, bathing, dressing, feeding yourself, etc.)



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