During the time we cared for my husband’s mother and even before that when we helped a bit with his father’s care, we were continually frustrated by their long-term care insurance policies. Despite several years of required care for his two senior parents, the long-term care policies, purchased in early 1991, covered only skilled nursing facilities after the first 100 days and never kicked in despite nearly 20 years of premium payments. Obviously things have changed, and policies today are less restricted, covering home care and even assisted living.
An eye-opening article, When a Safety Net is Yanked Away, appearing in the November 12, 2010, described how long-term insurance companies are requesting that the rates their policy holders pay be raised significantly. The New York Times article, by reporter Ron Leiber, explains how the long-term insurance business has changed, how policies are not paying for themselves because of low-interest rates, and why many companies have stopped selling policies altogether.