Officials Say There Are No Easy Fixes To Skyrocketing Long-Term Care Insurance Costs

A highly anticipated congressional hearing Wednesday on the huge premium hikes for federal long-term care insurance enrollees offered these takeaways: 

the increases are here to stay, officials responsible for making the faulty cost estimates admit they screwed up, and there are few ideas for fixing what has become an industry-wide problem with long-term care insurance. Witnesses and lawmakers largely agreed on what caused the 2016 average premium rate increase of 83 percent – or $111 per month – for those in the Federal Long-Term Care Insurance Program. News of the 2016 premium spike added insult to injury: In 2009, FLTCIP enrollees saw their premiums jump by as much as 25 percent.

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