✉news BusinessPersonal Finance first seen 6 h ago, last 6 h ago, peak #30
81-Year-Old Cancels Long-Term Care Policy After 70% Premium Hike
Original: After Her Long-Term Care Premium Climbs 70% by Age 81, She Will Cancel 21 Years of Coverage in Frustration. The Paid-Up Benefit She Could Walk Away From May Be Worth Every Premium Dollar She Ever Sent
A woman who paid into a long-term care insurance policy for 21 years is cancelling it at age 81 after her premium rose 70%. The decision highlights a common dilemma for aging policyholders: instead of dropping coverage entirely, insurers often allow paying-up options, converting premiums already spent into a reduced but permanent paid-up benefit that may still exceed everything she paid in.
Why now: Rising long-term care insurance premiums are forcing many older policyholders to weigh cancelling decades of coverage against reduced paid-up alternatives.
long-term care insurance24/7 Wall St.
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