DEAR HARRY: A number of years ago, it was recommended that we attend a seminar given by an insurance company regarding long-term-care insurance. The speaker was convincing. He placed less emphasis on the need than on the low premiums we would have if we got the insurance at a young age. I bought the insurance. Over the years, the premiums increased several times. I understood that this was a result of a declining value of the dollar and the increases in life expectancy. I recently received a notice that my next premium would show an increase of 30 percent. At my retirement age and income, this is more than I can afford. The company rep explained that they had no choice in order to keep their ability to pay when the need arose. The insurance commissioner confirmed their right to do this. How does this protect the consumer? To me, this is literally "throwing granny under the bus." The company offered to lower my premiums by cutting the coverage. It upsets me greatly that after paying in thousands of dollars I'll get nothing back if I cancel. This was never mentioned in all these years. I'm sure you are not aware of this and must be as perturbed as I am.
WHAT HARRY SAYS: I am aware of this. How much will you get back on your auto or homeowners insurance even if you never had a claim? It's the same principle here. The premiums paid protected you for the period covered: no more, no less. Sorry you did not understand this.