News Headlines Article

Long-term care rate hike stuns retirees
San Francisco Chronicle

When Marie Benedetto opened her mail last week and learned her long-term care premium was going up a stunning 85 percent, she did what a retired math teacher would do. She made a spreadsheet. Benedetto calculated she’d have to spend $1,328 a month or $15,936 a year for the policy after the increase goes into effect. That added up to a 415 percent increase in premiums since she first purchased the policy in 1997.

For Benedetto, the rate increase makes her policy unaffordable. “It’s not like Social Security or my teacher retirement is going to increase to cover those costs,” said Benedetto, 69, of San Francisco.