Summary
A significant premium increase can threaten your or your parents' financial stability, but so does not having the right insurance coverage. Accepting the rate increase can ensure continuous coverage without sacrificing any benefits. If you have financial concerns about a higher premium, you may be able to eliminate or reduce the rate.
Freezing benefits helps to keep premium costs down without losing coverage altogether. It can be a good choice for parents in their early to late 80s, especially if the premium increase exceeds 20%. If you're able to accept some but not all of the premium rise, it's best to call your insurance company to negotiate.
