LTC in the News: When should seniors in their 70s buy long-term care insurance?
The CBS News article, "When should seniors in their 70s buy long-term care insurance?" explores the circumstances in which securing long-term care insurance (LTCi) remains a viable option for older adults. The piece emphasizes the importance of having a plan in place for the rising costs of long-term care, which can quickly deplete savings without proper coverage. Seniors who want to avoid becoming a financial or emotional burden on their loved ones may find LTCi to be a valuable safeguard.
Although premiums for new policies are higher in the 70s, LTCi can still offer significant benefits, such as covering in-home care services, adult daycare, and nursing home expenses. The article also highlights the flexibility that LTCi provides, allowing policyholders to age in place while ensuring their care needs are met. For those still in good health, acting promptly can help mitigate the risks of being declined for coverage. Despite some limitations, the peace of mind and financial security offered by LTCi make it a compelling choice for seniors in this age group.
*Originally published in CBS News' MoneyWatch: Managing Your Money