Long-term-care insurance policyholders face sharp premium hikes

Donna and Robert Olesh bought a long-term-care policy from State Farm in 2002 for $2,970 per year.

If either one of them needs long-term care, the Omaha couple would pay the first month and then the policy would pay $125 a day, a figure since boosted to $260 by an automatic inflation factor.

The policy gave them a sense of affordable security, but now they say that’s evaporating because of sharp increases in premiums.

Such price jumps have changed the world of long-term care coverage, a type of insurance that is likely to become ever more necessary as the country’s population ages.

Read more: http://www.omaha.com/livewellnebraska/long-term-care-insurance-policyholders-face-sharp-premium-hikes-when/article_dbad0fe3-df40-5c4a-b6b5-688fa23e1f62.html