Long-Term Care Insurance Premiums Rising
Long-term care insurance rates have risen quite a bit, says The New York Times blog Bucks. If your elderly parents bought coverage they could afford at the time, they may be facing higher premiums now. The blog reports:
The American Association for Long-Term Care Insurance says its yearly analysis of popular policies offered by 10 big insurers finds that prices for such policies have risen by as much as 17 percent from a year ago.
The average annual cost for a single 55-year-old in good health is $1,720, for $165,000 to $200,000 of current coverage, the association says. Last year, the same coverage would have cost $1,480.
An article from The Wall Street Journal gives tips on how to decrease premiums.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.