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3 smart long-term care insurance moves to make in your 70s

Long-term care insurance may still be a viable option at age 70.

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Long-term care insurance can provide valuable financial support by helping pay for nursing homes, assisted living facilities and in-home caretakers. But if you’re shopping for long-term care insurance At age 70, you’ve probably encountered obstacles. After all, with rejection rate around 50% for candidates aged 70 to 74It can be difficult to find an insurance policy that gives you affordable peace of mind, but it’s not impossible.

The good news is that you probably have multiple options to choose from, even at 70 years old. However, it is imperative that you choose the font best suited to your needs. And there are a few smart steps you can take to make sure you do.

Compare long-term care insurance policies now and lock in your coverage today.

3 smart long-term care insurance measures to take at age 70

“As you enter your 60s, you may have had a health issue or witnessed a friend or sibling with a health issue,” says Rhonda Bills, CLTC and trainer. for Certification for Long-Term Care, a training company that offers long-term training. healthcare insurance agent certifications. “One of the first questions I get from my clients is, ‘Have we waited too long?’ The answer is always NO. »

Here are some steps you can take to find the best policy for your needs:

Make a plan

The first thing you should do when searching long-term care coverage in the 70s It’s making a plan. Do you know how to access care when the need arises? Are you considering rely on your family members? Would you prefer aging at home or does the constant professional medical assistance that accompanies a nursing home or assisted living community does that seem more appropriate?

These are important questions to think about because the cost of long-term care varies depending on the type of care you receive. Additionally, some policies will only cover formal long-term care options while others will pay for informal caregivers like your family members and friends.

You should also take this time to think how much insurance do you need. Chances are you have retirement income. But how much of this income can you devote to your care – and how much of the financial gap should long-term care insurance cover? The answers to these questions will help you find the type and amount of coverage you need.

Talk to a long-term care insurance expert now if you need help developing your plan.

Compare the prices

Long-term care insurance options, limitations and premiums often vary from provider to provider. So it’s important to shop around. This is especially true when you’re 70, as potential rejection and high prices are valid concerns. But comparing multiple policies can highlight quality coverage options at affordable prices.

“If you’re 70 and shopping for long-term care, you should consider the cost difference between insurance companies,” says Justin Stivers, financial advisor and founding attorney of Stivers Law, a law firm specializing in estate planning. “This is even true for policies that offer similar coverage. By shopping around, you can compare costs and identify policies that offer the best value.”

It’s also important to note that different policies may have different coverage options and features. “Researching long-term care insurance can also allow you to explore policy features and select a plan that fits your needs and preferences,” says Stivers. “Some policies may offer more comprehensive coverage for home care services and alternative care.”

And shopping might help you find something better policy customization opportunities“like inflation protection riders, shared care benefits, and non-forfeiture options,” says Stivers.

To start

“A barrier for this age group is acceptance since the rejection rate at age 70 is around 50%,” said Afik Gal, co-founder and president of financial planning and insurance company Assured Allies. CBS News Wednesday. And this “barrier” only increases with age. Not only will prices increase, but the coverage you are offered may not be as comprehensive as it could have been if you had applied earlier. So it’s important to start now to give yourself the best chance of finding an effective policy at a reasonable price.

The essential

Buy long-term care insurance at 70 can be a challenge. But it may still be possible to find affordable coverage that meets your needs. Before you shop, consider your needs and develop a long-term care plan. Then, shop around to find a policy that fits your plan. And, perhaps most importantly, you should start your search for coverage now, because it may not be available or affordable later. Contact a long-term care insurance specialist today to discuss your options.

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