LTC Rates Being Raised substantially -Genworth
The rates of my wife and my LTC are being raised from 2000 per year (bought 20 years ago when we were 40) to 6000 per year …Each
There are 4 different options that will cut the increase in half with reduced benefits. There likely be future increases.
This is a puzzle for us as we are fortunate that we have a nice retirement plan set up yet we have sunk money and should we need the insurance it is good coverage.
What is your philosophy on carrying LTC as I could go crazy calculating the various outcomes?
Thank you and love your columns and media work.
Terry Says
This is a horrible situation and you have my sympathies. My current premium jumped from $1800 annually to $7600 in just four years. But I have such great coverage: lifetime with inflation protection, that I refuse to give them the satisfaction of cutting back my coverage. Of course, I continue to hope I never need to use it!
If you want personalized advice you can trust, call Brian Gordon at MAGA LTC at 800-533-6242. He talked me down from my fury. Then again, I can afford it– And I understand that this comes at the worst possible time for so many people who are getting older and are on a fixed budget.
