Long Term Care Insurance Worries Baby Boomers

Change is happening in the long-term care insurance industry and it's not all bad, but different.

Millions of baby boomers are afraid that they will not be able to afford long-term care insurance and at the same kind afraid that they can't afford not to have this type of coverage.

A rapidly aging population, lengthening longevity and unpredictable health care costs are some of the factors that highlights the need for long-term care insurance.

Insurance companies are looking to raise their rates and some are leaving the long-term care industry (Met Life). Met Life will continue to provide coverage for its existing policyholders.

The insurance companies are struggling with record low interest rates, which have dragged down investment returns. In addition, the insurance companies are seeing an increased utilization of the the policies.

The need for this type of coverage is there, the insurance carriers are going through "growing pains" where they are offering a product that will be utilized by over 50% of the people purchasing this type of coverage.

There are ways to to keep premiums affordable. It is important to consult with an insurance broker or agent that specializes in long-term care insurance. He can help you design a policy that will fit your income and needs.