A growing number of seniors who have bought in to long-term care insurance are complaining about increasing rates and decreasing coverage.

More than 7 million people have bought in to the plans, which are designed to provide care to people beyond a predetermined time. The plans are largely provided for elderly people who can no longer perform basic life activities but aren't necessarily ill.

Claude Assini says he bought a plan seven years ago from Genworth Financial because he didn't want to be a burden to family in his golden years. His rates were raised by 11 percent recently, and Assini had to discontinue his plan and lost $30,000 for his seven years of premiums.

He feels the company purposely raised rates so it could cash in when plans were canceled.

"It's really a fraud perpetrated on a lot of old people who really wanted to do the right thing," says Assini. "They'll continue to up the rates until everybody drops out, and they'll make a great profit because they don't have to pay anything."

Marilyn Askin, of the AARP, explains the jacked up rates by saying the plans have been sold for too long for too cheap.

"Long term care insurance would appear to be even a riskier investment that the stock market," she says. "These are folks who were really slapped in the face because they're folks who thought they were doing the right thing."

Genworth says the rate hikes were necessary to meet policy holders' needs. The company also claims the adjustment was approved by the New Jersey Department of Banking and Insurance. The department disputes that claim, pointing out the policy was technically issued in Alabama and saying New Jersey doesn't have a say.

The answers are equally aggravating to Assini.

"Why did you allow it to be sold in New Jersey if you don't have regulatory power over it?" he says.

Askin maintains long-term care plans may still be the right choice for families, and recommends the plan to families with histories of Parkinson's or Alzheimer's.

Claude Assini doesn't recommend them to anyone, however.