*Medamerica Insurance Company (NAIC#69515)
SOURCE: Long-Term Care Rate Guide Data Call
MedAmerica Rate Increase History Alabama:
There have been long term care insurance rate increases over the last several years. Most people don’t know that policies purchased today are insulated from pricing mistakes made on older policies. If you own or are thinking about buying a policy, then you must understand policy forms. Policy forms can protect you from long term care insurance rate increases.
Alabama has these regulations protecting you from long term care insurance rate increases:
- Premiums CANNOT be raised only to increase the insurance company’s profits
- Premiums can’t be raised because you get older or reach a certain age
- Premiums can’t be raised because you make a claim
- You can’t be singled-out for a rate increase
- Any premium increase must be shared by everyone who owns that same policy form
- Any premium increase must be based upon the current and projected claims on that policy form
- Any rate increase must be approved by your state’s insurance regulators