Does long-term care insurance still make sense for 75-year-olds?

There are several reasons that long-term care insurance may still make sense at age 75.

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Deciding whether to buy providing long-term care in your 50s can be a relatively easy decision to make. At that age, insurance premiums can still be affordableand at a younger age, you are more likely to qualify for coverage.

But as you age, the average cost of long-term care insurance tends to rise along with it. At the age of 75, premiums can be thousands of dollars a year. And, considering the cost, you may wonder if long-term care insurance makes sense.

So it does it it still makes sense to claim long-term care insurance at age 75?

Don’t wait to get the coverage you need. Compare your long-term care insurance options now.

Does long-term care insurance still make sense for 75-year-olds?

“I talk to people every week who think that at an older age it’s too late to prepare for a plan,” says Rhonda Bills, an instructor with Long-Term Care Certification (CLTC), a training company that certifies insurance. of long-term care. the agents. “The good news is that today we have many other solutions that do not involve traditional signature.”

So, Bills says, there’s no reason “not to look at a solution.”

Here are three good reasons for it compare your long-term care insurance options at age 75:

The chances of needing care will be higher

Statistics show that nearly 70% of adults age 65 and older will need some form of long-term care during their remaining years. And, it’s increasingly likely that you’ll need long-term care as you age.

So at age 75, your chances of needing long-term care are greater than when you were younger. Long-term care insurance can help you better afford that care if the need arises.

Get long-term care insurance today to make sure you have access to the care you may need later.

Long-term care costs can threaten your wealth

Long-term care insurance costs are calculated based on factors such as age, gender, health and the amount of coverage you need, and can be thousands of dollars or more per year for a 75-year-old. While this may seem expensive, it can be more affordable than paying for the cost of care out of pocket.

For example, some types of long-term care may it costs more than $100,000 a year on average. If you don’t have long-term care insurance to cover this expense, it can have a detrimental impact on your wealth.

After all, at age 75, you can be retired and living on a fixed income. If this is the case and significant long-term care expenses arise, you may need to use your assets to cover the costs. In turn, the need for long-term care can have a significant impact on what you can leave behind for your loved ones when you die.

Insurance also protects your loved ones

Many seniors plan to age at home and depend on their family members for care. But relying on your family for care may be impossible if you develop a condition that requires round-the-clock care.

Even if your loved ones are eager to help, they may have a spouse, child, or career of their own to maintain. And devoting their time to your care can have a detrimental impact on their income or ability to maintain other relationships.

But long-term care insurance may be able to help, as this type of coverage typically covers the cost of day care services for adults. It can also pay for home health aides when family caregivers are unavailable for an extended period. Some policies may even family caregivers pay for the services they provide.

After all

Providing long-term care is an important consideration when you’re younger, but it may also be important to consider at age 75 (or older). After all, as a 75-year-old, you have a higher chance of needing long-term care, and the cost of that care can negatively impact your wealth and the well-being of your loved ones. But the right long-term care insurance policy can help solve these types of issues and make long-term care more affordable, even at age 75. Get started and compare your coverage options now.

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