“Long-term care insurance becomes more expensive, even as the cost of aging skyrockets,” by Mary Katherine Wildeman, Post and Courier
“Barbara Franklin has slowly watched over the years as companies offering long-term care insurance have dropped out and premiums have become difficult to afford. As a long-term care specialist and the owner of Franklin & Associates, she said she guides her clients through the decisions they’re faced with as they approach retirement. Often the choices are impossible. While long-term insurance costs rise, so, too, do the debilitating costs of long-term care. An annual cost estimate from Fidelity Investments found last week that a 65-year-old couple will need $275,000 to pay for health care during their retirement, a 6 percent increase over last year. Franklin said having her own responsibilities to care for her 92-year-old mother have reminded her to focus on the importance of making sure her clients can pay for the long-term care they will likely need one day.”
LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform):
This article features CLTCR friend and member, Barbara Franklin, and ultimately focuses on the value of LTCI policies in spite of rate increases.