Long-Term Care Insurance: Less Bang, More Buck

(By – Barbara Feder Ostrov, Kaiser Health News)

Mary Julia Klimenko thought she was prudent 20 years ago when she invested in a long-term care insurance policy, one she believed would help pay for the care she’d need as she aged.

Now she wishes she’d banked the money instead.

Her monthly premiums have nearly quadrupled over the past two years, and Klimenko, now 69, is furious about the choices she’s been given: pay the higher cost, lower her premiums by cutting her policy’s benefits or drop the insurance altogether.

For now, the Vallejo, California therapist said she will pay the higher premiums, but she’s not sure how many more price hikes she can take. Read more…

Kaiser Health News is a nonprofit national health policy news service that is part of the nonpartisan Henry J. Kaiser Family Foundation.

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