Long-Term Insurance Rates Go Up

John Thielbahr got an unpleasant holiday surprise this year: an enormous increase in the “level” premiums for his long-term care insurance policy. Within a couple of weeks, he and his wife – and everyone else in Washington who holds the same kind of policy through Met Life – will be paying 41 percent more a month for coverage of the various steep costs that come with long illnesses or health care needs late in life. The Thielbahrs face a difficult choice: Pay a lot more, get a lot less, or risk the life-crushing debt that can come with long-term health care. “We’re stunned right now,” said Thielbahr, a 68-year-old retiree living in Pullman. “I’m not sure what we’re going to do.” Thielbahr and his wife are caught in the vice that is the modern American health care system: The cost simply goes up, up, up/ Shawn Vestal , SR. More here.

Question: Have you had to change insurance companies or settle for a lot less coverage from your company as a result of rising rates?