The national average annual charge for a private nursing home room rose to $90,520 this year, while semi-private rooms climbed to $81,030 and assisted living residency jumped to $42,600, according to figures from the 10th annual MetLife survey of eldercare costs, which was released Tuesday.
Genworth Financial announced that it is taking several of its long-term care insurance options off the table.
The average age of homeowners now considering reverse mortgages has plunged in recent years with the collapse of the housing market, according to a new report. One in five prospective borrowers of home equity conversion mortgages are between the ages of 62 and 64, according to a report released by MetLife and the National Council on Aging. The average age of consumers who have been through the required reverse mortgage counseling has dropped to 71.5 years old. Reverse mortgages — which allow consumers to draw on home equity without monthly mortgage payments and don't have income requirements — are touted by long-term care advocates as a private-pay means of paying for long-term care.
The average age of homeowners now considering reverse mortgages has plunged in recent years with the collapse of the housing market, according to a new report.
Insurance stalwart Prudential Financial announced Wednesday that it is exiting the long-term care insurance business.
Assisted living facilities price per unit have gone up in the last year while prices per bed in skilled nursing facilities have declined slightly, according to a new report.
Many long-term care insurance policy holders in Connecticut just saw their premiums jump by double digits, a trend that is likely to continue.
MetLife, which currently provides long-term care insurance to 600,000 people, announced Thursday that it is discontinuing sales of long-term care insurance (LTCI), effective Dec. 30.
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.