LTC in the News: Why you should purchase long-term care insurance at 65 years-old, according to experts
The CBS News article, "Why you should purchase long-term care insurance at 65 years-old, according to experts," emphasizes the importance of obtaining long-term care insurance (LTCi) at age 65. Experts highlight that approximately 70% of individuals aged 65 and older will require long-term care services, which can be financially burdensome. The article outlines several key reasons for purchasing LTCi at this age:
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High Cost of Care: Long-term care expenses can reach up to $10,000 per month, depending on location and services required. LTCi can mitigate these costs, offering significant financial leverage.
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Medicare Limitations: Medicare does not cover long-term custodial care, leaving individuals responsible for these expenses. LTCi fills this gap, ensuring coverage for necessary services.
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Protection for Loved Ones: Having LTCi reduces the emotional and financial strain on family members who might otherwise become primary caregivers.
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Tax Advantages: Premiums for qualified LTCi policies may be tax-deductible, and benefits received are generally tax-free, providing additional financial benefits.
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Aging in Place: LTCi policies often cover in-home care services, allowing individuals to receive care in the comfort of their own homes.
The article concludes that purchasing LTCi at 65 is a proactive step to safeguard one's finances and ensure access to quality care in the future.
*Originally published in CBS News’ MoneyWatch: Managing Your Money