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Long Term Care Insurance

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BUSINESS
October 9, 1991 | KATHY M. KRISTOF
If you are getting along in years and have a family history of Alzheimer's disease, strokes or other debilitating ailments, you should consider long-term care insurance. These policies, now offered by many big health insurance companies, often cover what no one else will--long-term custodial care for people who are not technically sick but who need help with day-to-day activities. This coverage can save a fortune for those who need it. But it is no panacea.
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BUSINESS
March 25, 2014 | DAVID LAZARUS
Critics of safety-net programs such as Social Security and Medicare are fond of saying that the private sector would do a much better job of protecting people thanks to the magic of the marketplace. Mike and Judy Holtzman of Laguna Woods are now experiencing the magic of the marketplace for long-term care insurance. And it stings. They were recently informed by their insurer, John Hancock Life & Health Insurance Co., that their annual premiums will almost double. They're both now in their mid-60s.
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NEWS
June 27, 1991 | From Associated Press
A House probe that sent senior citizens undercover to investigate sales of nursing home insurance found abuses by agents pitching high-priced policies of dubious value, legislators said Wednesday. "I have never seen anything as bad as these long-term care policies and agents," 73-year-old Lil Simmons, of Alexandria, Va., told two House subcommittees. "I would hate to be at their mercy when I really need help."
BUSINESS
April 25, 2013 | David Lazarus
It's a common mantra among free-market-loving conservatives that government regulations hinder business growth and cost workers jobs. That may be true for some regulations, and it never hurts to go back and rethink old rules. But it's also clear that many regulations are undeniably necessary to protect consumers from unfair, unsafe or downright reckless business practices. One example was the overhaul of financial regulations after leading banks trashed the global economy with their irresponsible dealings.
BUSINESS
September 29, 2000 | LIZ PULLIAM WESTON
Getting old and feeble is no one's idea of a good time. Being old, feeble and too poor to pay for decent help can be a living nightmare. Yet millions of Americans may be headed for just such a fate, especially if the current long-term care system isn't changed. A group of attorneys who specialize in aging-related issues has proposed a radical solution: making long-term care part of the Medicare system.
BUSINESS
August 24, 1999 | DIANE SEO, SPECIAL TO THE TIMES
Tom West and his wife, Jennie Walters-West, didn't worry much about retirement until they witnessed firsthand the danger of facing the golden years without ample savings. It pains them to see Tom's father struggle to care for Tom's mother, who is in a nursing home with Alzheimer's disease.
BUSINESS
December 13, 2012 | David Lazarus
Rita Corwin, 90, conscientiously paid her premiums for long-term care insurance for 21 years to make sure that if she needed help as she grew older and more fragile, she'd get it. Yet now that she finds herself in a position to require such assistance, her insurer, Washington National Insurance Co., is denying her claims. "She bought this insurance for the same reason anyone would," said Corwin's daughter, Leni, who has been representing her mother in their dealings with the company.
BUSINESS
February 21, 2013 | By Chad Terhune, Los Angeles Times
Dailey Mayo received some stunning news in the mail last week: an 85% rate increase for the long-term-care insurance he has had for 15 years from the California Public Employees' Retirement System. The retired sales manager in Pasadena said his monthly premium of nearly $400 would jump to $738, or about $8,850 annually, under this plan. "I'm 82 now and I might need this care soon," he said. "It really ticks me off that they are doing this. " More than 110,000 CalPERS policyholders are receiving similar news after the pension fund's board approved the changes late last year.
NEWS
January 27, 1990 | From Times Staff and Wire Reports
"Scared to death" of the costs of nursing home care, most older Americans are willing to pay $50 a month for a government insurance program covering long-term care, according to a study for the American Assn. of Retired Persons. The report should help policy makers trying to craft a solution to the long-term care problem, said Horace Deets of the AARP. The fledgling market for private long-term care insurance has grown in recent years, with about 1.3 million policies sold by mid-1989.
BUSINESS
July 19, 1993 | KATHY M. KRISTOF
The issue of long-term care has become a vital component in the nation's health care debate as America's population grows older, sicker and more likely to need costly long-term help. However, the chance of the federal government coming to the rescue with the billions needed to pay for extended care for the elderly is practically nil, experts say. That's because Congress is already balking at raising taxes for other federal spending programs.
BUSINESS
March 28, 2013 | By Stuart Pfeifer
Divorce can hurt the pocketbook in ways that some people don't expect. Lost income, child support, spousal support all hurt. But there are other ways that divorce affects finances, said Samantha Fraelich, vice president of Bernard R. Wolfe & Associates, a Chevy Chase, Md., wealth management firm. Here are five of them: Legal expenses: Be prepared to spend thousands of dollars on legal expenses, even if the divorce is amicable. If it's contested, expect to spend much more.
BUSINESS
February 22, 2013 | Liz Weston, Money Talk
Dear Liz: I'll be done paying off my car in a couple of months. What's a good strategy for redirecting that money once it's paid off? Should I use the whole amount each month to start saving for my next car, or would I be better off splitting it up and putting it into several savings "buckets" such as retirement, emergency and my next car? I'm 35, have an emergency fund equal to four months' living expenses and only one other debt, a very low-interest student loan. Answer: If you aren't already contributing to a retirement plan, you should be. If you aren't contributing enough, that should be your priority even before you pay off your debt.
BUSINESS
February 21, 2013 | By Chad Terhune, Los Angeles Times
Dailey Mayo received some stunning news in the mail last week: an 85% rate increase for the long-term-care insurance he has had for 15 years from the California Public Employees' Retirement System. The retired sales manager in Pasadena said his monthly premium of nearly $400 would jump to $738, or about $8,850 annually, under this plan. "I'm 82 now and I might need this care soon," he said. "It really ticks me off that they are doing this. " More than 110,000 CalPERS policyholders are receiving similar news after the pension fund's board approved the changes late last year.
BUSINESS
December 13, 2012 | David Lazarus
Rita Corwin, 90, conscientiously paid her premiums for long-term care insurance for 21 years to make sure that if she needed help as she grew older and more fragile, she'd get it. Yet now that she finds herself in a position to require such assistance, her insurer, Washington National Insurance Co., is denying her claims. "She bought this insurance for the same reason anyone would," said Corwin's daughter, Leni, who has been representing her mother in their dealings with the company.
NEWS
October 14, 2011 | By Noam N. Levey, Washington Bureau
The Obama administration on Friday told congressional leaders that it cannot implement a new program to provide Americans with long-term care insurance, abandoning a controversial part of the new healthcare law the president signed last year. The move will not affect implementation of other parts of the sweeping healthcare law, including preparations for a major expansion of health insurance coverage starting in 2014, according to administration officials. But the decision to give up on what was once touted as a key benefit of the law marks a major retreat for the Obama administration and a vindication for critics who have voiced doubt about the promises that Democrats made as they fought to enact the law last year.
BUSINESS
April 7, 2010 | Michael Hiltzik
The saddest lesson of recent years for the American 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 cheese-paring 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, and then your insurance company changes the rules.
BUSINESS
May 5, 1996 | ROBERT A. ROSENBLATT
It's the nightmare for every aging couple and their grown children: Momma falls, breaks a hip and goes into a nursing home. The tab: $3,500 a month. It can deplete a lifetime of savings in a fearfully short time. There is no way to guarantee against a broken hip, but the financial disaster of a prolonged stay in a nursing home can be eased with long-term-care insurance. Who needs it? The short answer is people over the age of 60 with fair-size but not huge financial assets.
HEALTH
August 4, 2008
When I read articles on early detection of Alzheimer's [“Disease Eludes Treatment,” July 28], I am always amazed at how the proverbial 800-pound gorilla in the room can be ignored. If it is determined at an early age that you have Alzheimer's, you will never be able to get long-term care insurance or, most likely, any form of individual health insurance. Until early detection of diseases is integrated with insurance reform, there will be no meaningful progress. Robert Vogel Irvine
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