Just an FYI for those that have this type of insurance policy or have considered buying one.
As part of my financial planning, I purchased a policy 10 years ago so I could get a low premium due to my age. I have no plans of hitting the old folks home anytime soon, but due to my families health history I wanted to have things in place should I ever lock up and need long term care.
I just received a letter from John Hancock notifying me that my premium will be increased by 90% due future expected claims on my type of policy. The increase was approved by the Washington Insurance Commission.
Here is a link that shows the average daily, monthly and yearly cost for care on a per state basis. Just click on the map to look at each state.
http://www.jhinfocenter.com/cost-of-care.aspx
I thought folks might find this info useful about the cost of care in each state and potential future increases in your LTC policies.
SF