Connect with us

CBS News

How much does long-term care insurance cost for a 75 year-old?

Avatar

Published

on


gettyimages-1356566294.jpg
Long-term care insurance can be expensive at 75, but there are ways to cut that cost. 

Maskot / Getty Images


Long-term care insurance is an important consideration as you plan for retirement. Many Americans over 65 will need some form of care – whether it be in a nursing home, assisted care facility or in-home. Long-term care insurance can help you pay the bill when that need arises. 

But what if you’re already 75 years-old? Sure, long-term care insurance premiums are cheaper when you’re younger, but are they so cost prohibitive that they’re not worth it when you’re that age? Below, we’ll break down exactly how much long-term care insurance can cost for a 75 year-old.

Compare your long-term care insurance options today

How much does long-term care insurance cost for a 75 year-old?

“The amount and type of coverage you need will depend on a variety of factors, including where you prefer to receive care, the role family may play in providing care, and whether you live or are planning to move to a location that offers a state-level LTC program,” explains Jeff Beligotti, vice president and head of long-term care solutions at New York Life. 

A 75 year-old male would pay an annual premium of about $4,052.36 for $165,000 in level long-term care benefits with New York Life. A female would pay about $5,456.03 for the same coverage. That figures assumes the client is married with a spouse who’s also purchasing coverage, they pay annual premiums, they’re healthy and that the policy comes with a $4,500 maximum monthly benefit and 90-day elimination period. If any of these factors differ than the premium will also adjust. 

“Women often pay more because they are more likely to claim benefits eventually,” explains Larry Nisenson, CGO at Assured Allies, a financial planning and insurance company that serves seniors. 

The American Association for Long-Term Care (AALTC) breaks the premium difference between men and women down further. The AALTC says, “women live longer than men. Women have higher rates of disability and chronic health problems. Thus, women are far more likely to need long-term care.” 

Then again, it may be difficult to qualify for a stand alone long-term care insurance policy at 75 regardless of your sex. Long-term care insurance cost estimates for a 75 year-old are based on “the assumption they can find coverage at that age which isn’t something to be taken lightly,” says Nisenson. “For those who are either too unhealthy or old to purchase stand-alone long-term care insurance, there are other options, some of which are guaranteed issue from a medical underwriting standpoint.” 

It’s also worth noting that your premiums may be vastly different from another 75 year-old’s pricing. “I can’t tell you how much your LTC coverage will cost you because it depends on too many factors,” explains Ramona Neal, president of Living Benefit Review, LLC and educational partner for Certification for Long-Term Care. “But what I can tell you is this, if you reach out to an insurance professional that has their CLTC designation, they can help you navigate the options you choose.”

Nonetheless, time is of the essence. “Please hurry up because you will never be younger than you are today… And while it’s a blessing to have reached the golden age of 75 – you will also likely never be any healthier than you are today either,” says Neal. 

Find out how affordable long-term care insurance could be now

How to cut the cost of long-term care insurance at 75

Long-term care insurance can be costly at age 75, but there are a few ways you may be able to cut that cost, including:

Don’t wait any longer

Long-term care insurance premiums typically rise with age. So, the more you delay coverage, the more you’ll likely pay. Though you should give yourself a day or two to compare and understand your options, it’s likely best to start shopping for long-term care insurance right now. 

Compare your options

There are several insurance companies that offer long-term care insurance. So, compare at least a few leading providers to ensure that you’re getting the best possible price. 

Consider coverage amounts 

Your coverage amount directly affects your premiums. Keep in mind that your long-term care insurance policy probably doesn’t need to cover 100% of your care, particularly if you have Social Security and retirement income you can use to pay for a portion of your care. So, consider all sources of income and how long-term care insurance may supplement that income (rather than replacing it) when you determine how much coverage you need. 

Chat with an expert about your long-term care insurance needs now

The bottom line

The premiums for long-term care benefits for a 75 year-old vary based on a wide range of factors. Nonetheless, if you want the best premiums possible, it’s important to shop for long-term care insurance now. When you do, compare your options and pay close attention to your coverage amounts to make sure you get the most reasonable pricing. 



Read the original article

Leave your vote

Continue Reading

CBS News

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

Avatar

Published

on


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.



Read the original article

Leave your vote

Continue Reading

CBS News

10/6: Sunday Morning – CBS News

Avatar

Published

on


10/6: Sunday Morning – CBS News


Watch CBS News



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.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

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

Avatar

Published

on


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


Watch CBS News



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.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.