Jumping Train: Cutting Long Term Insurance

By Lynne Giacobbe

Lost in the headlines of inflation and oil prices is another financial problem, one that’s been taking a toll on older Americans—long-term care insurance (LTCI) premiums, which for some are on the rise.

Lynne Jacob

Long-term care insurance is designed specifically to cover the cost of home care, assisted living, and home care for people who are unable to care for themselves. Almost 70% of people over 65 will need such care at some point in their lives – women for 3.7 years longer than men. One-third will not need long-term care, but 20 percent of today’s 65-year-olds will need it for longer than five years.