LTC in the News: How much does long-term care insurance cost for a 75 year-old?
The CBS News article, "How much does long-term care insurance cost for a 75 year-old?" examines the challenges seniors face when seeking long-term care insurance (LTCi) at age 75. Premiums are notably higher due to increased age and potential health issues, with a 75-year-old male paying approximately $4,052 annually for a policy with $165,000 in benefits, and a female paying about $5,456 for the same coverage. These figures assume the individual is married, in good health, and selecting specific policy features. The article emphasizes that women often face higher premiums because they are more likely to claim benefits eventually. Additionally, qualifying for a standalone LTCi policy at this age can be challenging, making it essential for seniors to explore various options and consult with insurance professionals to determine the best course of action.
*Originally published in CBS News' MoneyWatch: Managing Your Money