This really scares me, because I can believe that as the need for these communities increases, unsavory people will find more & more ways to profit off of them. And it will sadly be at the expense of the elderly who will lose it all.
That is really sad and alarming. It wouldn’t have occurred to me to worry if they said my estate would get 50% of the funds I paid up front back, but I get that it’s not secured or whatever it’s known as. How sad for all the people who think they’ve planned so well, to potentially lose up to “everything.”
I know people who have plunked down thousands on long term care insurance, deposits at continuing care facilities, etc. without even ten minutes of research on financial stability. And these are people who won’t book a hotel room without endless scrolling through Expedia reviews, invest hours in “checking references” (and looking at photos) on an interior decorator or landscape designer.
I don’t get it.
Sometimes, even with much research and planning, things change considerably. We started LTC insurance 12+ years ago with Genworth. We DID our research. Good company, good history, rated A+ – at that time. NEVER increased premiums since the plan started. Now, rated C++ with “marginal ability to meet ongoing insurance obligations”. Rates are skyrocketing. It is not always easy to see the future.
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