Here are some questions to consider if you get a notice of a premium increase:

■ If I get a big increase, should I cancel my policy and shop for a new one?

It’s very unlikely, if you’ve had your policy for more than a year or two, that you will be able to buy a newly issued policy at a better rate, Mr. Slome said. It will most likely be harder to qualify for a new policy anyway, because you’re older than when you purchased your original policy, and underwriting standards have become much tougher.

■ How can I decide if I should pay the higher premium, or opt for reduced benefits?

Howard S. Krooks, an elder law specialist in Boca Raton, Fla., said he generally advised clients that if the increase was 20 percent or less, they should “bite the bullet” and pay it, even if they thought it was unfair. If the increase is much higher, or if the new amount is a true stretch for them, however, they may consider reducing their benefits — for instance, by accepting a daily benefit amount of $250 or $300 a day, rather than $350 — to keep the premium down.

■ Are there other ways to reduce my premium?

You may be able to accept a lower rate of inflation protection in exchange for a lower premium, said Vincent J. Russo, an elder law lawyer in New York. If your existing policy increases your benefit by 5 percent annually as an inflation hedge, for instance, you may be able to reduce it to 3 percent, or drop inflation protection entirely. (Ms. Hobson warns, however, that you should check the details of your policy, to make sure you’re not agreeing to have the lack of inflation protection retroactively, which would substantially reduce your ultimate benefit.)

■ If I can’t afford the new premium and cancel my policy, will I lose all the money I’ve paid over the years?

Most insurers offer an option that lets you obtain benefits equal to the premiums you’ve paid, if you end the policy. So if you had paid $20,000 in premiums, you would be eligible to receive $20,000 in benefits, assuming you meet the criteria for a claim. This should be considered a last resort, however, lawyers say; it won’t pay for anywhere near as much care as your policy would, if the policy remained in full force.