To the editor,
I know most insurance companies are reliable and that sometimes a reasonable increase in insurance premiums is justified. I don't like when it happens, but I understand that it can happen. Even the most reasonable person would agree, however, that three increases over a six-year period, cumulatively totaling over a 100 percent hike in premiums, would be unjustified, harmful, and un-conscionable. That is what is being done to thousands of seniors and pre-retirees in Kentucky who bought long term care insurance years ago from Life Investors Insurance Company of America, now called Transamerica.
I thought state insurance regulators were supposed to protect the people of Kentucky from such unscrupulous practices by carefully screening requests for rate increases.
It is pretty clear, however, that the Kentucky Department of Insurance doesn't see it that way. They apparently have never seen a rate increase they didn't like. Most long term care insurance companies have had just one, modest increase.