Jumping ship: Dumping long-term care insurance

By Lynn Jacobe

Lost in the headlines surrounding inflation and oil prices is another financial strain focusing on older Americans — long-term care insurance (LTCI) premiums, which are rising for some.

Lynn Jacob

Long-term care insurance is designed specifically to cover the cost of home care, assisted living and nursing home care for those who cannot care for themselves. Nearly 70% of those over 65 will need such care at some point in their lives – women 3.7 years more than men. A third may never need long-term care support, but 20 percent of today’s 65-year-olds will need it for more than 5 years.

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