Excerpt from: Insider Monkey (click for full article)
For years, long-term care insurance seemed like the ideal solution to one of the biggest concerns of an aging population. But after recent announcements that premiums on existing policies will rise dramatically in coming years, long-term care insurance is rapidly turning into a nightmare for millions of policyholders.
Last month, the California Public Employees' Retirement System said it would have to boost the premiums it charges its policyholders for long-term care insurance by 85% by 2015. The move caused an outcry among the 110,000 CalPERS policyholders who have long-term care coverage with lifetime benefits, most of whom have had the insurance for 10 to 20 years.
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