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Long Term Health Care Insurance became too expensive!

By Terry Savage on August 05, 2022 | Insurance & Annuities

I wonder if you could provide some insight into our quandary here. My husband and I currently have LTHC insurance with Genworth Life. As you know those costs have been rising fast. In 2019 the cost to us was $4942. In 2020 it was $6509. In 2021 it was $9048. This year the cost is the same as last, $9048. We are seriously considering stopping this.

Our problem is that this is just too much money for us to come up with annually for something we do not know if we will even use. We have accumulated approximately $70,000. over the years we have paid into it. If we stop paying, we can still use the 70K toward care if and when needed I am told.

My husband will be 80 later this year. And I will be 74 this year. We are both in decent health with no major problems right now.
What is your opinion on continuing with such a costly insurance?

Thank you for your help.

Muskego, WI 53150

Terry Says

I am in the middle of writing a new column about that very issue. But I will cut to the chase for you. You need someone you can trust to analyze this situation and your alternatives. My expert for all things long-term-care is Brian Gordon at 800-533-6242. Call him now, before the column is published and he is jammed!!
I trust him 100% to guide you to the right solution. Believe me, you are not alone! Column will be posted next week.

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