Your Long-Term Care Insurance Rate Spiked. Now What?
From The New York Times website
Karen Herzog, a retired high school teacher, bought a long-term care insurance policy 12 years ago because she didn’t want to burden her only daughter if someday she could no longer care for herself.
Then a letter arrived in May that complicated her well-laid plan. Her monthly costs would double within two years, reaching nearly $550 — a significant portion of her fixed income.
“Many of us will be forced to drop this policy,” said Ms. Herzog, 73, of Ocala, Fla. “This was supposed to be my parachute.”
Ms. Herzog reluctantly started paying a higher monthly premium while she weighed her options. But her insurer, Genworth — the nation’s largest provider, with 1.1 million long-term care policyholders — said she might face another rate increase in eight years, when she’s 81.
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