I purchased a LTC policy at the age of 42 when I was working at Hewlett-Packard. When I signed up, I was promised that as long as I kept up the policy, then I would be paying at the 42 year old rate. I just noticed that my current policy with John Hancock (who took over all the Hewlett-Packard policies) is charging me at the 59 year old rate. Do I have any recourse?
Terry Says: Probably not. There must have been some kind of “escape” clause –such as the transfer of the policy to a new insurance company, or something that allowed them to raise the age, and the pricing. BUT, on the off-chance that this is an error, I’d pursue it vigorously — both through the HP human resources department, and directly with your contacts at Hancock. And if you were/are a union member and this was a negotiated benefit, I would certainly contact the union. They could possibly put more pressure at least into getting this investigated.