A widow facing escalating long-term care insurance premiums of $12,000 a year, with no end in sight for future increases, seeks advice on whether to cancel the policy. The insurance company offers a return of $66,000 if she cancels now. A broker suggests a long-term care/life insurance hybrid policy with a $365,000 benefit over 10 years. Women at 70 pay $662 monthly for long-term care insurance, and Medicare does not cover it. The reader is advised to consult an independent fiduciary for financial advice and explore options like high-yield savings accounts or annuities.

The reader is urged to monitor their health, as stress over financial decisions can impact blood pressure. Long-term care insurance is recommended, but it’s essential to balance financial planning with health. Enjoy the good years while planning for the future.

Read more at Yahoo Finance: I’m in my 70s and a widow. I pay $12K a year for long-term-care insurance. Do I cut the cord?