Most long-term care insurance policyholders continue paying their premiums when their insurer raises the rates, a new study has found.
LTC insurance premiums have been climbing steadily over the past few years due to a number of factors, including rising costs, longer life spans and low interest rates (although they have been rising lately), according to the study by the American Association for Long-Term Care Insurance.
Also, fewer people are letting their policies lapse, which has resulted in more people filing long-term care claims than they anticipated.
But for some people the higher premium can be a burden. If you are faced with a premium hike, there are steps you can take to better absorb it: What You Can Do as Long-Term Care Insurance Rates Climb