When should seniors in their 70s should buy long-term care insurance?

Make purchases long-term care insurance at 70 it can be stressful. After all, premiums for this type of insurance generally increase with age And rejection can be a real concern for seniors. But that doesn’t mean you shouldn’t consider coverage at all.

There is a it is highly likely that you will need some form of long-term care at some point in your life. And given the high cost of this care, long-term care insurance can help you plan for this potential need.

In fact, there are many times when you should take out long-term care insurance, even at 70 years old. Below, we’ll detail three of the best times to take action when seniors turn 70.

Compare your long-term care insurance coverage options today.

When should seniors in their 60s take out long-term care insurance?

Long-term care insurance doesn’t always make sense when you’re 70, but there are times when it’s an important consideration. Some of the most important times for seniors in their 70s to purchase long-term care insurance include:

When they haven’t already planned for long-term care costs

Long-term care can be expensive. Even the the cheapest type of 24-hour care can cost around $60,000 per year. If you have already planned for this expense, you may not need long-term care insurance. But if not, it’s important to consider purchasing a policy now.

After all, if the need for long-term care arises – as it does at some point for most seniors – you may not have the money to cover the costs. This is particularly true for retirees aged 70 or over on a fixed income.

Additionally, if you have the money you need to cover such a large expense, you will likely have to dip into your estate to do so, which could limit or even prevent you from leaving an estate to beneficiaries.

Sign up for long-term care insurance now to ensure you can afford the care you may need later.

When they don’t want to burden their loved ones

Many older Americans plan to lean on loved ones for help when they need additional care. And even if your loved ones are eager to help, it may not be possible to count on them to take care of you.

“Long-term care insurance protects a family from the responsibility of providing support to a loved one at any time,” says Lori Martin, CLTC and instructor at Certification for Long-Term Care, a training company that certifies insurance long-term care. agents. “While most family members want to provide this support, they cannot meet care needs 24/7.”

The good news is that most long-term care insurance policies cover services such as adult day care. This can ensure that you get the care you need when your loved ones are unavailable. Additionally, these policies typically also cover home health aides. So if your family’s caregivers take a vacation or need an extended break, you don’t have to worry about going without the care you need. Some long-term care insurance also allows you to pay your family when they provide you with care.

When they want to age at home

When you’re 70, you’re probably comfortable in your own home. Maybe you raised a family there or simply spent the last few decades with the same neighbors and friends. So naturally, you may prefer to age in place rather than move to an assisted living community.

The good news is that you don’t need to move into an assisted living community for long-term care insurance to be beneficial. In fact, there are many options that can help you age at home. Some insurance policies can even fund accessibility-related home renovations, like installing a ramp to your front door or handles in your bathroom.

Some insurance policies also include pre-loss wellness benefits. “These programs offer resources to help people age well at home, including access to health coaches or care managers who create personalized plans to address potential needs that could lead to long-term care duration, as well as assistive tools or devices to support daily activities,” says Andy Freedman, vice president of customer experience and enterprise marketing at Assured Allies, a finance and insurance company. insurance for seniors.

However, it is important to keep in mind that different policies often offer different coverage. So make sure the policy you’re considering offers the type of coverage you’re looking for before you buy it.

The essential

However shopping for long-term care insurance turning 70 can be stressful, but there are times when it’s worth it. This is especially true if you have not yet anticipated the high cost of care, if you do not want to burden your loved ones or if you want to age at home. If this is your case, compare your long-term care insurance options now.