(LATimes.com) — The saddest lesson of recent years for the American middle class is that those who “do the right thing” are first in line to get hammered.
You devote a lifetime to a single employer, only to get laid off with a cheese-paring severance package. You finance your own retirement by religiously funding your 401(k), and Wall Street lays an egg on your head.
Here’s a lesson baby boomers are just beginning to learn: You pay for long-term-care insurance for years, even decades, and then your insurance company changes the rules.
Consider the experience of Marvin and Joan Klotz of Los Angeles, retired employees of the state university system, who purchased a long-term-care policy for Joan from CalPERS in 1997, when she was 61.
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