Think you know the ins and outs of long-term care insurance? Think again.

Due to a number of factors, including decades of generous underwriting and the current, lingering low interest rate environment, the long-term care, or LTC, insurance industry finds itself in the midst of a historic contraction, with both demand and the playing field shrinking. Keeping policies affordable has been a challenge.

“The premiums have really skyrocketed,” says Jeremy Kisner, president of Surevest Wealth Management in Phoenix. “The reason it’s so expensive is the claims history — they’re expensive claims, and they happen.”

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