While inflation and interest rates both declined in recent months, the economic burden felt from years of high borrowing costs and more expensive daily living will take some time to lessen. Unfortunately, for many seniors and older adults reliant upon restricted budgets, much of the damage has already taken place. For this demographic, then, it may be worth exploring ways to reduce additional costs to come.

One great way to do so is by purchasing a robust long-term care insurance plan. This unique insurance type can help cover the costs of in-home caretakers (including family members and friends), nursing homes, assisted living facilities and more. Like all insurance types, however, delaying an application could be a costly decision in more ways than one. 

With a new year quickly approaching, then, it’s helpful to understand the reasons supporting a long-term care insurance application now, before 2025. Below, we’ll break down three of them.

Get a free long-term care insurance price quote online today.

3 reasons to apply for long-term care insurance before 2025

Here are three big reasons why those considering long-term care insurance may want to apply before January 2025:

Lower premiums

Every calendar year that passes puts applicants into a different risk pool. And riskier applicants are more expensive to insure and that expense is often passed on to applicants in the form of higher premiums. So if you know you need the financial support of a long-term care insurance plan, strongly consider applying now, even before 2025. Waiting for the new year could complicate your application and cause your prospective premiums to be higher than if you had been proactive and applied at a younger age. 

This is not an exact science and the premium you’re charged in the first quarter of 2025 may be the same one you get quoted now, depending on the provider. But it’s also possible, if not likely, that you’ll pay more for a plan in 2025 than you would have if you applied now. So don’t take that risk.

Explore some top long-term care insurance providers here now.

More comprehensive care

A lower price point isn’t the only compelling reason to apply for long-term care insurance (or any insurance type) earlier than later. If you’re looking for more comprehensive care at a more affordable price, it makes sense to apply sooner, including for those considering long-term care. If you delay an application until you need the care or until much later in life, you risk being denied altogether. For those seniors and older adults who know they don’t have the financing to cover these inevitable costs, then, it’s smart to start researching prospective policies and providers now.

A head start on the elimination period

Many insurance policies have elimination periods, the time in between being approved for a policy and when it can be utilized. With long-term care insurance elimination periods ranging significantly from 0 to 120 days, approximately, it behooves savers to start as soon as possible. It will be easier and significantly less expensive to complete this elimination period when you don’t require an in-home caretaker or nursing home, for example, versus when you do. Weigh the costs of waiting carefully.

The bottom line

There’s a compelling case to be made for those considering long-term care insurance to act now, before the new year rolls around. By being proactive, these prospective applicants can potentially lock in a lower premium, more coverage choices and start crossing off the days in their elimination period. That said, each individual’s financial situation and preferences differ and, in some cases, delaying action may be the right choice. This is why it’s worth speaking to a financial advisor and a long-term care insurance representative who can present a fuller picture of this unique insurance protection.

Washington — President-elect Donald Trump has tapped Keith Kellogg, a retired lieutenant general, to serve as special envoy for Ukraine and Russia, he announced Wednesday.

Kellogg served as chief of staff to the National Security Council and national security adviser to former Vice President Mike Pence during Trump’s first term in office. He will assume the role as assistant to the president and special envoy for Ukraine and Russia as it nears the three-year mark of Russia’s invasion of Ukraine in February 2022.

Trump announced Kellogg as the envoy in a post to social media, writing that he “has led a distinguished Military and Business career, including serving in highly sensitive National Security roles in my first Administration.”

“He was with me right from the beginning! Together, we will secure PEACE THROUGH STRENGTH, and Make America, and the World, SAFE AGAIN!” the president-elect wrote.

Trump’s return to the White House has raised questions about the future of U.S. involvement in the war in Ukraine. The U.S. under President Biden had provided roughly $64.1 billion in military aid since Russia launched its invasion in 2022, and about $66.9 billion in military assistance since Russia initially invaded Ukraine in 2014, according to the State Department.

The president-elect, however, has criticized Ukrainian President Voldymyr Zelenskyy, calling him in June “the greatest salesman of all time” for pushing for continued U.S. support in Ukraine’s efforts to push back against Russia’s aggression. Trump has claimed he would have the war “settled” before taking office for his second term, and has said Russian President Vladimir Putin would not have invaded Ukraine if he were president.

Trump and Zelenskyy spoke by phone after the president-elect defeated Vice President Kamala Harris in the election earlier this month. Ukraine’s leader said on social media the call was “excellent” and praised his “tremendous campaign” that made his victory possible.

“We agreed to maintain close dialogue and advance our cooperation. Strong and unwavering U.S. leadership is vital for the world and for a just peace,” Zelenskyy wrote.

Trump, meanwhile, has praised Russian President Vladimir Putin as “savvy” and suggested in February that he “would encourage” Russia “to do whatever the hell they want” with NATO member countries that failed to meet the alliance’s defense spending targets.

Ret. Gen. H.R. McMaster, who served as Trump’s national security adviser in his first term, told “Face the Nation with Margaret Brennan” on Sunday that the upcoming months are “really critical” in determining the “next phase” of the war in Ukraine.

McMaster, a CBS News contributor, said that Russia and Ukraine are both incentivized to make “as many gains on the battlefield as they can before the new Trump administration comes in” as the two countries seek leverage in negotiations.