ROCHESTER, N.Y. — After our report on double and triple digit premium hikes for long term care insurance, people called us wanting to know how they can afford it. Chief Investigative Reporter Berkeley Brean talked to a woman just after she got out of radiation treatment.
Nancy Helfrich of Dansville was diagnosed with multiple myeloma a month ago. Last night she watched our story with Anita and Dom Palozzi of Greece, who are facing a 179% premium hike over four years.
Berkeley Brean, News10NBC: “Can you afford that?”Anita Palozzi: “No.”
Nancy saw increases like 44%, 174% and 252%. Then she saw her insurance company.
“I saw it was increasing almost 100 percent and I thought whoa,” said Nancy Helfrich, who has a long term care policy.
In New York, the law protects long term care premiums. So if you can’t afford the rate hikes, talk to your agent, let the policy lapse and under the state’s non-forfeiture law, you still have access to the thousands you already paid. For Nancy, that’s about $20,000.
“I was very glad that you pointed out in New York State law that anything you put in you can get out,” Nancy Helfrich said. “So that’s an option for us.”
Berkeley Brean: “Is the system in trouble right now?”Jesse Slome, Director, American Association of Long Term Care Insurance: “No. And they’re really not facing impossible decisions.”
Jesse Slome is the director of the American Association of Long Term Care Insurance. He says when the rate hike letters come, they include options. Look at the Palozzis in Greece for instance. The current coverage increases premiums by 179% but there are alternatives and alternative C reduces the increase by more than $1,000.
“They always offer the consumer options,” Jesse Slome said. “Most people take one of the options.”
One agent told me she always tells her clients to consider the options before they lapse the policy. About 370,000 people in New York have long term care coverage.
News10NBC Investigates: Woman with cancer shares relief after learning about NY law protecting long-term care policyholders facing steep rate hikes WHEC.com.
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