TWOSCOOPSBy an edhat reader
What do you think about the increasing cost of LTC insurance (Long Term Coverage) for senior citizens?
The annual premiums are going up up up. My friend’s went from $4,000 to $5,600 with Genworth this year. In trying to find something cheaper, we’ve learned a lot of companies that have offered LTC coverage are going out of business. Is there enough back-up in Santa Barbara to help seniors stay at home, when care is needed? Thanks!
The outrages cost of nursing homes is deplorable. Even in home care is extremely costly. Just need relatives to step in and take the job as we have done in our family for generations.
My relatives, are in New Jersey, North Carolina, Seattle, and Alaska. Sadly, that won’t work for me.
The problem is basic: Why do we rely on the profit motive to provide necessary human services? Clearly this is an absolute conflict. When these speculators fail they simply go out of business. Or they continue to raise rates to justify large corporate profits and high compensation for their executives. This sort of stuff–life necessities such as ER, hospital, medication, simple shelter and food, should be provided by our society through common effort, usually by taxing ourselves. This is cheaper, more humane and more effective than relying on greed.
An option is to self- insure. For example, put the original $4k every month into an investment account ( as if you paying a 3rd party).