“Here’s one more way getting old is getting more expensive. Long-term care insurance, which covers expenses like nursing home care, at-home nursing care and other late-life needs, is fast becoming too costly for many retirees to afford, according to a recent study from LifePlans, an industry research firm. The average annual premium was $2,727 in 2015, an increase of 42% from 2005 and of 19% from 2010. Of those surveyed who were over 50 years old, 55% said they opted not to purchase coverage because it was too expensive.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Well, OK, but overall inflation consumed 21.4% between 2005 and 2015. That’s more than half the premium increase. Then remember government compelled carriers to raise LTCI premiums by forcing interest rates on reserves to artificially low levels that no actuary could have anticipated. If LTCI is becoming a “luxury for retirees,” blame the Fed and Congress for bad monetary and fiscal policy.

This Important Insurance Is Becoming A Luxury for Retirees

#goldencareagent