Larry Grumet and his wife were trying to be responsible when in the late 1990s they purchased individual insurance policies to cover the cost of nursing home care they might someday need.
More than a dozen years later, the retired Squirrel Hill residents wonder whether they can afford to hold onto long-term care insurance, which is slated for a 20 percent premium increase at the end of this year — the third rate hike since 2008.
“I didn’t want to have my daughter responsible” for providing care later in life, Grumet said. The two policies cost a combined $2,400 a year. The latest increase will mean an extra $480 a year for the couple.
