Sky-Rocketing Long-Term Care Insurance Premiums Hit Seniors
A recent article in The Wall Street Journal painted a bleak picture for those who have or are thinking of acquiring long-term care insurance. Premiums are soaring to the point that they have become unaffordable to many seniors. Insurance companies are nearly doubling premiums after realizing they had charged too little when the policies were introduced in the 1980s and 1990s. Insurance carriers have lost money and are leaving the market after widely underestimating the speed in which healthcare costs would rise, how long seniors would live and how many would actually use the premiums.