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

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

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Deciding whether to buy or not long-term care insurance in your 50s can be a relatively easy decision to make. At this age, insurance premiums can still be affordableand at a younger age, you’re more likely to qualify for coverage.

But as you age, the average cost of long-term care insurance tends to rise alongside it. At 75 years old, premiums can reach thousands of dollars per year. And given the cost, you may be wondering if long-term care insurance makes sense.

So, does it still makes sense looking for 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 at age 75?

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

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

Here are three good reasons to compare your long-term care insurance options at 75 years old:

Chances of needing care will be higher

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

So, at age 75, the chances that you will need long-term care are greater than when you were younger. Long-term care insurance can help you pay more for this care if the need arises.

Purchase long-term care insurance today to ensure you have access to the care you may need later.

Long-term care costs can threaten your estate

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

For example, certain types of long-term care may costs over $100,000 per year on average. If you do not have long-term care insurance to cover these expenses, it could have a negative impact on your estate.

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

Insurance also protects your loved ones

Many older people are considering aging at home and depend on family members for their care. But it might be impossible to rely on your family to care for you if you develop an illness that requires around-the-clock care.

Even if your loved ones are eager to help you, they may have a spouse, children, or career to maintain. And spending time caring for you could negatively impact their income or ability to maintain other relationships.

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

The essential

Long-term care insurance is an important consideration when you’re younger, but it may also be important to consider at age 75 (or older). After all, at age 75, you’re more likely to need long-term care, and the cost of that care could have a negative impact on your assets and the well-being of your loved ones. But a good long-term care insurance policy could help solve these types of problems and make long-term care more affordable, even at age 75. Get started and compare your coverage options now.


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