DEAR HARRY: I'm an 83-year-old widower living in a total-care community. They have facilities here to care for those who need assistance as well as total care. For the past 30 years, I have had a wonderful long-term-care insurance policy with one of the large insurance companies. I am fortunate that this is a policy that will pay until death, and I understand that no companies issue such policies now. They're all for limited periods. The company may not cancel or refuse to renew my policy, either. However, it can raise the premiums for the whole group of similar policies. My original premium was $2,440; it's now $4,572. My children see no reason for me to keep it, but the future is always uncertain. Your thoughts?
WHAT HARRY SAYS: There is always the possibility that you may need or want care beyond what is offered by your contract. This might be in the form of an aide who is available to you alone. It might be in the need for special equipment such as a motorized chair for transportation. If these are covered by your policy, it is worth keeping. On the other hand, are you able to afford the premiums without too much pain to your reserves? My vote is to keep the policy if possible.