Long-term care insurance policyholders should expect rate hikes, two of the most prominent vendors in the market have announced.
The cost of a private nursing home room increased an average of more than 3% annually during the past five years, and currently averages more than $94,000, according to a new survey.
The cost of a private nursing home room rose an average of more than 3% per year during the past five years, and currently averages annually at more than $94,000, according to a new survey.
Two decades ago, private long-term care insurance was seen as a can't-miss option for funding future nursing home costs. But like many of the people who purchased policies back then, the product now finds itself in pretty bad shape.
A federal long-term care insurance program that was supposed to usher in a new era of acceptance by a skeptical public was criticized Wednesday at a Senate hearing. The gathering was called after more than half of those enrolled in the federal long-term care insurance (FLTCI) program found they were facing a significant—and unexpected—rate increase.