SALEM, Ore. (AP) — About 30,000 Oregonians who buy long-term care insurance for the day when they have trouble taking care of themselves will see their premium rates rise by an average of 26 percent.
The Salem Statesman Journal (http://stjr.nl/1nkviyU ) says the Oregon Insurance Division has been working its way through rate increase requests.
It has approved 23, cutting many. The average increase request was 45 percent.
The division has 15 more requests pending.
The policies pay for care for older people at home, or in assisted-living facilities or nursing homes.
Policy holders have been living longer than expected, so they are using more benefits. And low interest rates have undermined revenue for insurance companies. Some have stopped writing new policies or gotten out of the market.
Information from: Statesman Journal, http://www.statesmanjournal.com