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Question for the Money Doctors

Question submitted on Oct 24, 2018.

Question

My husband and I bought a long term care insurance plan in 2006. Our ages then were 68 and 64. We pay $350.98 a month. Recently we received a letter that our payment would increase. We have to pay for this with our IRA investment in the amount of $127,000. I think we can no longer afford this insurance and should drop it. What advice do you give?

Answer

That depends on the policy you bought, your health conditions, as well as the new rate. 

If the rate is small it's not a big deal. If it triples, then obviously I would be upset.

Contact your state department of insurance and ask them to investigate.


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