Long Term Care Insurance: A Retirement Crisis

Long term care insurance premiums are surging, leaving retirees in a precarious position. Jeffrey Snyder from Broadcast Retirement Network and Philip Snyder of The Warner Companies discuss the reasons behind these increases, which stem from underpriced policies sold decades ago. State insurance commissioners often approve these hikes, but the new premiums are becoming unaffordable for many older adults. Options for reducing benefits or changing policy duration are limited, and newer hybrid products offer guaranteed premiums but are not a solution for those already holding older policies. The long term care insurance market is evolving, but for those currently holding policies, the situation remains challenging. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.