Our Long-Term Care Insurance Now Costs $500 Per Month. We’re in Our Mid-70s and Have Paid $72k in Total. Should We Cancel Our Policies?

My wife and I bought long-term care policies 25 years ago when they were relatively cheap. Now, our premiums have increased for the third time to over $500 per month and will rise again in six years. I figure I’ve already paid about $72,000 in premiums. Now, in our late 70s, I’m trying to decide if I should accept the increases or cancel the policies. What do you think?

– Robert

Nobody likes paying higher premiums and it can be frustrating…