Long term care insurance industry problems escalate

"The long-term-insurance industry now is shrinking, premiums are soaring and there is no fix in sight. At the same time, government safety-net programs, already under cost-cutting pressure, are bracing for demand from more of the 77 million aging baby boomers,"according to The Wall Street Journal report by Kelly Greene & Leslie Scism (front page, July 2, 2013). "Long-term-care insurers are retreating from the marketplace and raising premiums for policies that remain, a situation that has put many seniors who bought the coverage in a bind. The problem, experts say, is that insurers underestimated almost everything key to the policies: How many people would tap the benefits, how fast medical costs would rise and how few customers would surrender their policies."  If you are thinking of buying a policy or already own one, this is must reading. Details: http://online.wsj.com/article/SB10001424127887323475304578501820197828966.html?mod=dist_smartbrief