/ Ask Terry Questions / long term care insurance premiums

long term care insurance premiums

By Terry Savage on November 12, 2019 | Insurance & Annuities

After an 88% premium increase 6 years ago I lowered my limits and kept the policy (went from 3 years coverage to 2 years) and still pay $3000 a year What do I fo if my premium jumps again? i just turned 70 I can afford the premium if i have to, but is it worth it?

Terry Says

Yes, it’s worth it — IF you ever need the care. You did the right thing. The insurance companies really screwed up in pricing those policies years ago. People are living longer and more willing to actually use the care (vs avoiding nursing homes years ago) so they were forced to raise prices –and state insurance commissioners were forced to let them do it!
Please do try to keep your policy in force. If there are future premium increases they will be much smaller.

money

ASK TERRY

a personal
finance question