Senior New Yorker fighting back against insurance industry amid steep premium hikes
NEW YORK CITY (WABC) -- One senior New Yorker is fighting back against the long-term care insurance industry as millions face steep premium hikes.
His own policy is going up almost 100% over four years. Now at 83 years old, Joel Packer has decided to take on the insurance industry.
"I'm passionate about this. I'm obsessed with this," Packer said. "It's a mission."
That began when his long-term care insurance premium skyrocketed by 18.5%.
"Mine is going up $3,646 to $4,320." Packer said.
He and his wife signed up for that plan 23 years ago, hoping their care costs wouldn't fall on the next generation. They never expected increases like this, all of which were approved by New York state.
And for many seniors, those increases are simply unaffordable.
"I know friends, neighbors, middle class people who had to drop their policies and now they're in their 80s and they have nothing," Packer said.
Becky Preve is the executive director of the Association on Aging in New York and said they have heard of these issues for decades.
Preve said Packer's story is not uncommon and with the population aging, more seniors are likely to face similar problems.
"The fastest growing segment of the population in the State of New York are actually individuals over the age of 80, and we know that over 70% of those individuals will need some type of long-term care in their lifetime, typically lasting on average for about three years," Preve said.
Preve's message: Seek the advice of an elder care attorney before signing up for a plan and look for unbiased information available at aging offices throughout the state.
"We're here to help you to make sure you're educated on appropriate plans, policies and options," Preve said.
In the meantime, Packer is reflecting on all the emails he has sent. He sent his first email to First Unum Life Insurance a year ago asking to pause the increase.
Eyewitness News reached out to First Unum and didn't hear back.
He's also filed a complaint with the State Department of Financial Services and has hired attorneys to help.
It's not exactly how he thought he'd spend his retirement, but he said it's the right thing to do.
"There are thousands of people on long-term care insurance who are being forced to drop it," Packer said. "This is not just about me."
----------
* Get Eyewitness News Delivered
* Download our connected TV app
* Download the abc7NY app for breaking news alerts on the go
Submit a tip or story idea to Eyewitness News
Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo, terms of use apply.
