HomeFinance NewsPersonal financeUnveiled: The Secret to Saving Thousands on Soaring Long-Term Care Costs

Unveiled: The Secret to Saving Thousands on Soaring Long-Term Care Costs


Op-ed: How to navigate premium increases for long-term care insurance


Navigating your financial future when dealing with aging parents and long-term care insurance can be challenging.

The costs of this insurance can rise significantly over time, with some policies experiencing rate increases as high as 500%.

For those with limited financial means, these increases can be devastating, leaving them with the difficult choice of jeopardizing their financial security or compromising their parents’ quality of life.

To help navigate these complex decisions, financial experts recommend considering three options: 1.

**Accepting the rate increase:** This may be the best choice if the increased cost can be comfortably absorbed without sacrificing benefits.


**Freezing benefits:** This pauses the inflation protection benefit, resulting in a lower rate but also no future increases in the daily benefit amount.


**Finding a middle ground:** Negotiate with the insurance company to adjust premiums to a more manageable level, potentially by reducing the benefit period or daily benefit amount.

Remember to have open and honest conversations with your parents and siblings to ensure that everyone’s needs and concerns are heard and addressed.

Consulting with a financial professional can provide clarity and guidance in making these difficult decisions, helping you balance financial foresight with the well-being of your loved ones.

  • Overall sentiment: neutral
  • Positive

    “This insurance, essential for covering costs not typically included in standard health insurance or Medicare, such as nursing home stays or in-home support, can be a financial lifeline.”


    “The cost of long-term care insurance is a prime example.”

    “For those with limited financial means, a significant premium increase can be overwhelming and devastating, often forcing people to choose between financial security and compromising their parents’ quality of life and access to quality care.”

latest articles

explore more