About ten years ago, Jane and I embarked on a plan to address the challenge of dealing with long-term care. After careful research, we chose an insurance policy from Met Life on the recommendation of a friend. Today we got a letter that will end that relationship.
"I am sending you this letter to inform you that we are implementing a 25% premium increase on your long term care insurance policy which was issued in North Carolina. Please note that while a larger increase was justified and could have been requested, MetLife requested a 58% increase and after discussion with the North Carolina Department of Insurance, has agreed to implement a 25% increase on your policy indicated above." It is important that you be awares ... that MetlLife has the right to increase rates in the future.
In other words,
We wanted to screw you over even more, but couldn't get the Department of Insurance to go along. But don't worry. We'll get you next year.
Upon reflection, I have nothing good to say about MetLife. With a CEO who earns upwards of $13 million a year, they're simply another predatory insurance company. And I'm happy to report that after next year, I will no longer be one of their customers.