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Why you should take advantage of lower long-term care insurance prices right now

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There are lots of good reasons to purchase a long-term care policy now that prices are lower.

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As prices climbed at gas stations and grocery stores in 2023, long-term care insurance premiums went down in price year-over-year. That’s welcome news for those who may need this type of coverage in the near future.

And if you’re wondering if you need long-term care insurance, the answer is likely yes. Most people age 65 or older have a high probability of needing long-term care at some point in the future, and it’s typically a good idea to plan for the high cost of that care before you need it. 

With the recent drop in long-term care insurance costs, this could be the perfect time to get coverage. After all, the drop in long-term care insurance premiums isn’t likely to last forever, and prices are usually more affordable for younger applicants. But those aren’t the only reasons to consider purchasing a policy. 

Find out how affordable long-term care insurance can be right now

Why you should take advantage of lower long-term care insurance prices right now

There are several reasons to purchase a long-term care insurance policy right now, including: 

Inflation is ticking up

Persistent inflation continues to be an issue for the U.S. economy. According to the most recent report, inflation rose 3.2% in February compared to one year earlier, up from 3.1% in January. And as prices for goods and services continue to climb, the cost of long-term care services will likely follow.

“The costs of long-term care have skyrocketed in recent years, leaving much of the aging population unprepared to fund care or age at home,” says Larry Nisenson, CGO at Assured Allies, a financial planning and insurance firm that serves seniors. “Long-term care insurance serves as protection to help offset the cost of these services.”

Compare your long-term care insurance coverage options now

You never know when you’ll need care

While it may seem like long-term care insurance is mainly geared toward seniors, the reality is that the need for long-term care can arise at any moment. And that’s true regardless of how old you are. 

Car accidents, strokes and other events have the potential to impact your ability to care for yourself. Should one of those issues occur, long-term care insurance can help pay for the care you need. 

Long-term care can cost over $100,000 per year

You may incur long-term care expenses even if you depend on family caregivers. For example, you may need to take advantage of adult daycare services while your family caregivers are at work. Those services had an estimated cost of $2,120 per month in 2024, according to Genworth. 

But for those who plan on more formal long-term care options, the costs can be significantly higher. For example, the average cost of an assisted living community is expected to be about $5,511 per month in 2024. Home health aides are expected to cost $6,481 per month on average this year, and a private room in a nursing home is expected to run about $10,025 per month. 

So, depending on the type of care you need, the cost of that care could exceed $100,000 per year, which could be difficult to pay out of pocket

Purchase a long-term care insurance policy now

The bottom line

The recent drop in long-term care insurance prices is a welcome surprise, and since premiums for this type of insurance are often cheaper when you’re younger, now may be the perfect time to purchase a policy. But low prices aren’t the only reasons to buy long-term care insurance. This type of insurance can also help you afford the high cost of care. Moreover, you never know when you’ll need long-term care. So, purchasing a policy now will help ensure that you can afford the care you need in the future. 



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Transcript: Sen. Mark Kelly on “Face the Nation with Margaret Brennan,” Oct. 6, 2024

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The following is a transcript of an interview with Sen. Mark Kelly, Democrat of Arizona, on “Face the Nation with Margaret Brennan” that aired on Oct. 6, 2024.


MARGARET BRENNAN: Joining us now is Arizona’s Democratic Senator, Mark Kelly. He’s in Detroit this morning on the campaign trail for the Harris campaign. Good morning to you, Senator.

SEN. MARK KELLY: Good morning, Margaret.

MARGARET BRENNAN: I want to talk to you about Arizona, but let’s start in Michigan, which is where you are right now. And it is going to be such a key state to a potential Harris or Trump victory. Vice President Harris is facing challenges among black men, working class people, as well as the Muslim and Arab populations skeptical of the White House support for Israel’s wars. What are you hearing on the ground there from voters?

SEN. KELLY: Well, my wife, Gabby Giffords, and I have been out here for a couple days. We’ve been campaigning across the country, Michigan, I’ve been in North Carolina, Georgia as well. I’ll be back to Arizona here soon. The vice president was out here speaking to Muslim organizations and the Arab community about what is at stake in this election and addressing the concerns that they have. What we’re hearing, issues about the economy, about gun violence, about, you know, supporting American families and the difference between Donald Trump and Kamala Harris. You know, Kamala Harris, who has a vision for the future of this country, Donald Trump, who just wants to drag us backwards.

MARGARET BRENNAN: Today in Dearborn, Michigan, there’s a funeral service for an American man who was killed in Lebanon by an Israeli airstrike. It just underscores how that community you’re talking about out in Michigan feel some of what’s happening in a personal way to their community. Given how close this race is, do you think this war and the expectation it could escalate could cost Democrats both a seat in the Senate and potentially the presidency?

SEN. KELLY: Margaret, nobody wants to see escalation and it’s tragic when any innocent person, whether it’s an American or Palestinian, lose their life in a conflict. Tomorrow’s one year since October 7th, when Israel was violently attacked. Israel has a right to defend itself, not only from Hamas, but from Hezbollah and from the Iranians. But, you know, I and my wife, you know, we feel for the community here who’s been affected by this. And that’s why the vice president was out here earlier, a few days ago, meeting with that community. 

MARGARET BRENNAN: But it’s a live issue.

SEN. KELLY: Yeah, sure. I mean, there is an ongoing conflict in the Middle East. Israel is, you know, fighting a war now on, I think it’s fair to say, two fronts and then being attacked by the Iranians as well. And, they- they need to defend themselves, and we need to support our Israeli ally. At the same time, when women and children lose their life, innocent people in a conflict, it is- it is tragic.

MARGARET BRENNAN: You do sit on the Senate Intelligence Committee and so I know you know how intense the efforts are by foreign actors to try to manipulate voters going into November. Just this Friday, Matthew Olsen, the lead on election threats at the Department of Justice, told CBS the Russians are, quote, highlighting immigration as a wedge issue. That is such a key issue in Arizona. Are you seeing targeted information operations really focusing in on Arizonans right now?

SEN. KELLY: Not only in Arizona, in other battleground states. It’s the Russians, the Chinese, the Iranians, and it’s significant. And we need to do a better job getting the message out to the American people that there is a huge amount of misinformation. If you’re looking at stuff on Twitter, on TikTok, on Facebook, on Instagram, and it’s political in nature, and you may- might think that that person responding to that political article or who made that meme up is an American. It could be- it could look like a U.S. service member. There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China. We had a hearing recently, with the FBI director, the DNI, and the head of the National Security Agency. And we talked about this. And we talked about getting the word out. And it’s up to us, so thank you for asking me the question, because it’s up to us, the people who serve in Congress and the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on November 5th.

MARGARET BRENNAN: Understood. And we will do our best to help parse that for viewers. But on the topic of the border, President Biden did announce just this past week new regulations to keep in place that partial asylum ban that he rolled out back in June. That’s what’s credited with helping to bring down some of the border crossing numbers in recent weeks. It was supposed to be a temporary policy, dependent on how many people were crossing at a time. Do you think this is the right long term policy, or is this just a gimmick to bring down numbers ahead of the election?

SEN. KELLY: Well, the right long term policy is to do this through legislation. And we were a day or two away from doing that, passing strong border security legislation supported by the vice president, negotiated by the vice president, and the president and his Department of Homeland Security, with Democrats and Republicans– 

MARGARET BRENNAN: But this is not legislation. 

SEN. KELLY: –This is bipartisan. This isn’t. But the legislation was killed by Donald Trump. We were really close to getting it passed. That’s the correct way to do this. When you can’t do that, Margaret, when a former president interrupts the legislative process the way he did, which is the most hypocritical thing I’ve ever seen in my three and a half years in the Senate. After that happened, the only other option is executive actions. And this has gone from what was chaos and a crisis at our southern border to somewhat manageable. And if you’re the border- Border Patrol, you know, this is this- you need this. I mean, otherwise it is unsafe for Border Patrol agents, for CBP officers, for migrants, for communities in southern Arizona. So it’s unfortunate that this was the- these were the steps that had to be taken. 

MARGARET BRENNAN: Okay.

SEN. KELLY: But that’s because the former president didn’t allow us to do this through legislation. 

MARGARET BRENNAN: Senator, we have to leave it right there. Face the Nation will be right back.



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10/6: Sunday Morning – CBS News

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10/6: Sunday Morning – CBS News


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Hosted by Jane Pauley. In our cover story, Robert Costa talks with election officials about threats to your right to vote. Plus: Tracy Smith talks with pop music icon Sabrina Carpenter; Ben Mankiewicz sits down with “Matlock” star Kathy Bates; Kelefa Sanneh interviews pop star and Louis Vuitton’s creative director of its men’s collection Pharrell Williams; Dr. Jon LaPook goes behind the scenes of Delia Ephron’s new Broadway play, “Left on Tenth”; Lee Cowan reports on a young autistic man’s creation of a six-movement symphony; and Seth Doane explores how the National Library of Israel and the Palestinian Museum are collecting artwork and other materials documenting the October 7th Hamas attack and its aftermath.

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Sen. Mark Kelly says Americans need to know about “huge amount of misinformation” on election

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Sen. Mark Kelly says Americans need to know about “huge amount of misinformation” on election – CBS News


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In the wake of the Department of Justice warning that Russians are using immigration as a wedge issue for American voters, Sen. Mark Kelly tells “Face the Nation” with Margaret Brennan that “we need to do a better job getting the message out there that there is a huge amount of misinformation” as Election Day approaches.

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