As an insurance broker who has sold LTC insurance since 1992, and who has focused exclusively on LTC insurance since 2000, I have been following the FLTCIP rate increase news since it is such a large player in the marketplace. The "average" increase for current policyholders is over 80%, with some as high as 125%!
Here's my take: Welcome to LTC insurance.
The FLTCIP is basically having to realize the same increases, for the same reasons as the rest of the private LTC insurance marketplace. 125% is NOT an outlier. Several other companies including some of John Hancock's individual policies, and Genworth’s have had 80%-100%+ increases. Others have had those amounts as well cumulatively over 2 or 3 increases in the past 10 years ..........
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