The letter arrives with a return address you barely recognize and a number you can’t miss: Your long-term care premium is going up 60%. You’ve got a few weeks to decide. And your first instinct — I’ll just cancel — is the one move that guarantees you lose.
Here’s why. Suppose you’re 81. You bought a long-term care policy at 62 and paid $2,800 a year for 19 years. That’s more than $53,000 out the door. Now the insurer wants $4,480 a year, an extra $1,680.
Stop paying, and the policy dies. Every one of those 53,000 dollars dies with it. There’s no refund, no cash value, no partial credit. You’re uninsured at 81, at precisely the age you’re most…
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