Connecticut Retirees Face 174% Long-Term Care Insurance Hikes as Aging Costs Keep Climbing
Updated
Updated · Insurance News Net · Jun 25
Connecticut Retirees Face 174% Long-Term Care Insurance Hikes as Aging Costs Keep Climbing
1 articles · Updated · Insurance News Net · Jun 25
Summary
Long-term care insurance premiums in Connecticut have jumped by more than 50% for some policyholders and as much as 174%, according to a Connecticut Mirror investigation.
Those increases hit retirees already squeezed by persistent inflation and rising costs for housing, healthcare and other essentials, with advisers warning many people underestimate what retirement will cost.
EBRI found housing is the biggest retirement expense, taking 30% of spending, while food accounts for 26%; pet care costs for Americans 65 and older also rose 38% from 2021 to 2026.
Healthcare remains a major wildcard: Fidelity estimates a single 65-year-old retiring in 2025 will spend an average of $172,500 on medical costs, while long-term care can add far more if full-time support is needed.