Thousands of Maryland seniors paying for long-term health care could see their annual premiums double, or triple, over the next several years if state officials approve the steep increases requested by four Maryland insurance companies last week.
On Thursday, representatives from the insurance companies told state officials that premium rate increases were needed due to greater than anticipated utilization of benefits and lower mortality among participants. But for Marylanders faced with paying those monthly premiums, the near-annual rate increases are starting to wear them down.
“While I appreciate the fact that we can’t let our insurance companies go broke, I’m really starting to have heartburn with all of these rate increases,” Betty Lagundo told the Maryland Insurance Administration during a virtual meeting Thursday…