Buyers wary of losing out with long-term-care insurance Seattle Times
The saddest lesson of recent years for the U.S. middle class is that those who "do the right thing" are first in line to get hammered.
You devote a lifetime to a single employer, only to get laid off with a cheeseparing severance package. You finance your own retirement by religiously funding your 401(k), and Wall Street lays an egg on your head.
Here's a lesson baby boomers are just beginning to learn: You pay for long-term-care insurance for years, even decades, then your insurance company changes the rules.
Consider Marvin and Joan Klotz, of Los Angeles, retired employees of the state university system, who purchased a long-term-care policy for Joan from the California Public Employees' Retirement System, or CalPERS, in 1997, when she was 61.
Their goal was to shoulder some of the burden of their own late-in-life needs. The policy was to pay up to $120 a day in nursing-home care, $60 for an assisted-living facility or $1,800 a month for home care. The figures were to increase with inflation and the money would keep flowing for Joan's lifetime. The annual premium was $1,656.
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