The cost of living rises every year, which makes paying for basic expenses more difficult. Long-term care (LTC) premiums are increasing, too. It’s become a focal point in the last several months as rates have gone up — the increased premiums can harm an individual’s quality of life and continued access to quality care. It’s an issue that hits close to home for me and my family, as my mom has seen her premiums rise by 50% over the past two decades.
According to the U.S. Department of Health and Human Services, someone turning 65 today has nearly a 70% chance of needing long-term care services and support. Currently, a growing client base who bought LTC insurance in the past is now seeing high premium increases.