We received a letter from John Hancock Insurance, the company that OPM uses to run out Long Term Care Insurance. We have had this policy for 15 years. In November, our premiums will increase almost $200 per month!! In my case, it goes from $123/month to $308/month. My Wife's increase is similar!!
We have note received a COLA in three years. Our Taxes have cost of living have increased due to fuel and food costs. So, since we have been retired, our income has declined every year. Now, this big hit!
I thought the idea of purchasing Long Term Care Insurance when we were younger, was that we paid less for a longer period. Like life insurance. But, it seems, the rules have changed. I believe the Socialist Government's idea is to have all of us dependent on welfare! Then that can tell us what to do.
I am beside myself with anger and confusion.