‘Fixed cost’ just a mirage

If you think banks are bad, check on your insurance premiums. MetLife (think Wall Street) just sent me a notice of a 41 percent increase in my long-term care policy premium. I have less than a month to say yes or cancel, wasting money already spent for coverage and peace of mind. I am 68 and retired on fixed income.

I guess MetLife’s $6 billion in profits aren’t enough, and that’s just for nine months. The top six executives earn over $40 million combined. I bought a “fixed cost” policy eight years ago after being encouraged to do so early for good retirement planning, because Social Security does not cover long-term care costs.

I won’t be the only one to receive these notices. Apparently, our Washington insurance regulators had no problem with a 41 percent increase because they approved it. Must be the same regulators who were watching BP in the Gulf and those who were watching the greedy bankers before they ruined our financial system.

Our political and regulatory systems have been bought and sold. When will we say enough is enough? Changing banks is easier than getting new insurance, but seniors need to send a message.

John Thielbahr

Pullman