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Is long-term care insurance worth it for seniors in their 70s? Experts weigh in

Experts say long-term care insurance can make sense in many cases, even if you’re over 70.

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The costs of nursing homes, assisted living, and home care are quite expensive these days. In fact, data shows that the average nursing home facility manages seniors somewhere between $8,600 and $9,700 per month. Unless you have long-term care insuranceThese costs can eat up your pension money and quickly provide a nest egg for your thirst.

“Long-term care insurance covers the exorbitant costs of home care, assisted living, or nursing home stays, which can easily amount to $50,000 or more per year,” says Neal Shah, founder of healthcare platform CareYaya. “With good long-term care policies, seniors can keep their assets and ensure they have access to the care they need without going bankrupt.”

But while long-term care insurance can help cover costs With this type of care, premiums for long-term care policies also increase as you age, so at what point is buying a policy no longer worth it? Once you turn 70the benefits still outweigh the benefits costs? Let’s find out.

Discover your long-term care insurance policies online now.

Is long-term care insurance worth it for seniors in their 70s? Experts weigh in

This is when experts say long-term care insurance could be right for seniors in their 70s.

When long-term care insurance may be worth it for seniors in their 70s

Long-term care insurance maybe worth it if you are still in good health, as these policies require medical underwriting. They can also be worthwhile if you want to protect your loved ones financially as you age.

“More than 50% of aging adults are likely to need care support,” said Larry Nisenson, Chief Growth Officer at Assured Allies. “Long-term care insurance can help ease the family’s financial and emotional burden by providing a source of income to cover professional caregivers.”

like you rely solely on Medicare to cover the costs of your care, then getting long-term care insurance can also be smart, says Esther Cromwell, founder of Avendelle Assisted Living.

“Because Medicare covers limited aspects of long-term care, this insurance is critical to securing a stable and worry-free future,” Cromwell says. “It protects both seniors and their families from financial burdens.”

Learn more about how you can get the right long-term care insurance today.

When long-term care insurance isn’t worth it for seniors in their 70s

Long-term care insurance premiums increases as you get older, so getting a policy in your 70s will likely cost you more than it did years ago.

“Long-term care insurance can be quite expensive,” says Shah, “especially for those who purchase it later in life.”

If you have enough cash available to cover the costs of future care, long-term care insurance may not be worth the price. According to Bill Bunting, COO of Avendelle Assisted Living, seniors at his facility use a wide variety of income sources to pay for their care: Social Security benefits, retirement plans, investment and retirement accounts, savings, 401(k)s and more. . Many seniors also use the proceeds from the sale of their properties or businesses to finance long-term care.

“The aging senior population has been preparing for retirement,” Bunting said.

If you have loved ones who have the money to care for you or can physically care for you themselves, you may also be able to skip the long-term care policy. It may even be necessary if you are already in poor health or have a life-threatening illness.

“When someone receives a serious diagnosis that could lead to long-term care needs, it’s almost always too late to get insurance,” says Mark Baron, owner of Baron Long Term Care Insurance.

it comes down to

If you want to minimize those high costs, shop around and compare different ones long-term care insurance companies before you take out your policy. There are also other ways to protect yourself from long-term healthcare costs that you may want to explore. First, many life insurance policies offer this long-term care benefits or riders. These cover your long-term care costs or, if you ultimately do not need long-term care, pay benefits to your heirs once you die. Some annuities offer similar benefits.

If you are considering any of these alternatives, you should research them before applying for a long-term care policy. According to the American Association for Long-term Care Insurance, nearly half of all applicants between the ages of 70 and 74 do not obtain long-term care insurance. These denials can make it impossible to get approved for other products, such as life insurance or annuities, Baron says.

“If someone is rejected, he or she may have lost an opportunity for other products,” Baron says. “Some plans are automatically denied for at least a full year if someone is turned away for long-term care elsewhere.”

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