I took care of my Mother for 4 years in my home. She went into an Assisted Living for 3 years and then a Nursing Facility for 7 years. Seeing 1st hand the devastating cost, I took a LTC policy on myself in 1996 with Penn Treaty. The original annual premium was $806. The current annual premium is $3,716. In 1996 I thought I was being responsible. I thought the Guaranty Association would protect me when they took over but they raised my premium. My only source of income is Social Security. My policy has a $200. Per day Maximum Daily Benefit, a 0 day Elimination Period and a Lifetime Maximum Benefit Period. The policy has an Inflation Rider. I have considered an Assised Living Facility since I have had a Stroke history. My concern is from 1st hand experience, the Virginia Guaranty Association Limit will never be enough. Why is this industry permitted to create financial hardship for my wife and myself? Do I have any legal recourse and whom would I seek damages from? Phyllis, please give me some direction.

I’m going to send you to a link that explains the Penn Treaty Rehabilitation. Notice that question #6 states that more money can be available if your claim exceeds the guaranty association limits.
You do have great benefits, so that could happen. And yes, you were being responsible by planning ahead with LTC insurance. It’s not your fault you were presented with this policy. Also notice it says the claims filing process is the same and there is information on that page how to do it. Read the part in your policy that explains how to qualify for benefits. If you believe you meet any one of those ways, go ahead and file a claim.

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