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Insurance: Don't Set It & Forget It

Updated: Sep 16, 2022

2022 has certainly been a rollercoaster of a year. Inflation has been incessantly in the headlines and causing pain for almost every American. Making adjustments for how we spend our hard earned dollars and how we see the value of our dollars tends to be talked about in terms of cost at the pump, groceries or even the cost of your daily Starbucks. Let's also consider the value of your dollar in terms of the insurance policies that are supposed to help you sleep well at night.

Just this week, the harsh truth of a policy's value became relevant in my own family. With failing eye sight and a broken hip, my 93 year old grandmother, whom we lovingly refer to as Nana, will be making the transition to assisted living. Time to pull the old Long Term Care Policy out of the filing cabinet. (Insert applause that she had the forethought to take out a policy in the first place!) Beginning in 1991, Nana began writing her quarterly premium checks for $1,000.00 and then ramping up to $3,700.00 over the years. Money spent for peace of mind that when the time came, her care in the appropriate facility would be covered and her precious & hard earned financial resources wouldn't be decimated by the cost of care.

Nana with her great grandkids; November 2022

Well, if it were only that simple. In the 31 years since she took out that policy, the value of a healthcare dollar has changed