Long-term care insurance


Q: I am thinking about dropping my long-term care, or if I keep any, going to a company not associated with the Office of Personnel Management and the government plan. I feel they were not truthful and are in breach of contract with the raise in the premium. I paid the higher premium with the understanding that I would never have an increase. If they were not truthful with this, then I do not trust them for anything in the future; including any benefits when/if I try to collect them. Is it better to keep my current long-term care until I find another company and plan, or does it matter? In other words, is it easier to switch to another plan if you have a current plan or does it matter? Currently, I have no major health problems.

A: It doesn’t matter if you currently have coverage, or not, when you apply for long-term care insurance. Insurers underwrite each application without regard to existing coverage.

— Mike Miles


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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