This Kiplinger’s article talks about what to do in lieu of the rate hikes that policyholders have been experiencing if they purchased their policies from about the mid 1970’s through about 2005.  The key takeaway is “Don’t drop your policy if you’re faced with an increase: new coverage will cost a lot more.”  There are ways to minimize a rate increase to keep the premium in line and to still retain meaningful coverage.  The article also addresses how prospective buyers can “trim” the premiums for a new policy by selecting less inflation and a shorter benefit period.

“One of the most effective ways to protect your retirement savings from the high price of assisted living, in-home care or a stay in a nursing home is a long-term-care insurance policy. But recent premium hikes have many baby boomers worried that coverage is no longer affordable.”

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