Long term care insurance
My husband (68) and I (60) took out long term care insurance about 10 yrs ago, total monthly $260.00 , we are are reading articles about people in their 80’s having the premium increase double. so we are wondering if we are better off just cancelling this and putting away the $260.00 a month. We currently own our home ($265,000) free and clear $580,000 in retirement and I have a pension.. money in savings as well.. I hate to lose what we have put in already and I don’t want to cancel, my husband would like to.. Thank you!~
Terry Says
I am working on a new column on this subject right now. But in general, you’ll want to keep the policy even though higher premiums are on the horizon. When they come, you might want to adjust the inflation protection of the number of years the policy will cover. But the insurance companies are raising the rates just because these are such a good deal for consumers who use them. And that could be you! So don’t panic. Wait to see what happens, but if you need the coverage there is no way you could save enough to replace the benefits of this policy.
