Connect with us

CBS News

Is long-term care insurance worth it for seniors in their 70s? Experts weigh in

Avatar

Published

on


a nurse visits an elderly disabled woman at home and helps her
Experts say long-term care insurance can make a lot of sense in many cases — even if you’re over the age of 70.

Getty Images


The cost of nursing homes, assisted living and at-home care is pretty pricy these days. In fact, data shows the average nursing home facility runs seniors anywhere from $8,600 to $9,700 per month. Unless you have long-term care insurance, those costs can eat into your retirement funds and nest egg quickly.

“Long-term care insurance helps cover the exorbitant costs of in-home care, assisted living, or nursing home stays, which can easily run $50,000 or more per year,” says Neal Shah, founder of caregiving platform CareYaya. “With a good long-term care policy in place, seniors can preserve their assets and ensure they have access to the care they need without going bankrupt.”

But while long-term care insurance can help cover the costs of this type of care, long-term care policy premiums also increase as you age, so at what point is buying a policy no longer worth it? Once you hit 70, do the benefits still outweigh the cost? Let’s find out.

Explore your long-term care insurance policy options online now.

Is long-term care insurance worth it for seniors in their 70s? Experts weigh in

Here’s when experts say a long-term care insurance policy might work out for seniors in their 70s.

When long-term care insurance can be worth it for seniors in their 70s

Long-term care insurance might be worth it if you’re still in good health, as these policies require medical underwriting. They also may be worth it if you’re looking to protect your loved ones financially as you age. 

“Over 50% of aging adults will likely need caregiving support,” says Larry Nisenson, chief growth officer at Assured Allies. “A long-term care insurance policy can help ease the family’s financial and emotional burden by providing a source of income to cover professional caregivers.”

If you rely solely on Medicare to cover the costs of your care, then buying a long-term care insurance policy can also be smart, says Esther Cromwell, founder of Avendelle Assisted Living.

“With Medicare covering limited aspects of long-term care, this insurance is critical in securing a stable and worry-free future,” Cromwell says. “It protects both the seniors and their families from financial burdens.”

Learn more about how the right long-term care insurance policy could benefit you today.

When long-term care insurance isn’t worth it for seniors in their 70s

Long-term care insurance premiums increase as you age, so getting a policy in your 70s will likely cost you more than it would have years earlier. 

“Long-term care insurance can be quite expensive,” Shah says, “especially for those purchasing it later in life.”

If you have plenty of cash available to cover the costs of future care, then long-term care insurance may not be worth the price. According to Bill Bunting, COO of Avendelle Assisted Living, seniors at his facility use a wide variety of income sources to pay for their care — Social Security payments, pension plans, investment and retirement accounts, savings, 401(k)s, and more. Many seniors also use proceeds from selling their properties or businesses to fund long-term care.

“The aging senior population has prepared for retirement,” Bunting says. 

If you have loved ones who have the cash to care for you or can care for you physically themselves, you may also be able to skip the long-term care policy. In fact, you might have to if you’re already in poor health or have a life-threatening illness. 

“When someone gets a dire diagnosis that could lead to long-term care needs, it is almost always too late to purchase the insurance,” says Mark Baron, owner of Baron Long Term Care Insurance.

The bottom line

If you want to minimize those high costs, shop around and compare several long-term care insurance companies before taking out your policy. There are also other ways to protect against long-term healthcare costs you might want to explore. For one, many life insurance policies offer long-term care benefits or riders. These cover your long-term care costs or, if you don’t end up needing long-term care, pay out those benefits to your heirs once you pass away. Some annuities offer similar perks.

If you’re considering one of these alternatives, you’ll want to explore them before applying for any long-term care policy. According to the American Association for Long-term Care Insurance, nearly half of all applicants 70 to 74 are denied long-term care insurance policies. These denials can make it impossible to get approved for other products, like life insurance or annuities, Baron says. 

“If someone gets declined, they may have lost a chance for other products,” Baron says. “Some plans are an automatic decline for at least a full year if someone was declined for long-term care coverage elsewhere.”



Read the original article

Leave your vote

Continue Reading

CBS News

Biden’s top hostage envoy Roger Carstens in Syria to ask for help in finding Austin Tice

Avatar

Published

on


Roger Carstens, the Biden administration’s top official for freeing Americans held overseas, on Friday arrived in Damascus, Syria, for a high-risk mission: making the first known face-to-face contact with the caretaker government and asking for help finding missing American journalist Austin Tice

Tice was kidnapped in Syria 12 years ago during the civil war and brutal reign of now-deposed Syrian dictator Bashar al-Assad. For years, U.S. officials have said they do not know with certainty whether Tice is still alive, where he is being held or by whom.

The State Department’s top diplomat for the Middle East, Barbara Leaf, assistant secretary of state for Near Eastern Affairs, accompanied Carstens to Damascus as a gesture of broader outreach to Hay’at Tahrir al-Sham, known as HTS, the rebel group that recently overthrew Assad’s regime and is emerging as a leading power.

Near East Senior Adviser Daniel Rubinstein was also with the delegation. They are the first American diplomats to visit Damascus in over a decade, according to a State Department spokesperson. 

They plan to meet with HTS representatives to discuss transition principles endorsed by the U.S. and regional partners in Aqaba, Jordan, the spokesperson said. Secretary of State Antony Blinken traveled to Aqaba last week to meet with Middle East leaders and discuss the situation in Syria. 

While finding and freeing Tice and other American citizens who disappeared under the Assad regime is the ultimate goal, U.S. officials are downplaying expectations of a breakthrough on this trip. Multiple sources told CBS News that Carstens and Leaf’s intent is to convey U.S. interests to senior HTS leaders, and learn anything they can about Tice.

Rubinstein will lead the U.S. diplomacy in Syria, engaging directly with the Syrian people and key parties in Syria, the State Department spokesperson added. 

Diplomatic outreach to HTS comes in a volatile, war-torn region at an uncertain moment. Two sources even compared the potential danger to the expeditionary diplomacy practiced by the late U.S. Ambassador Christopher Stevens, who led outreach to rebels in Benghazi, Libya, in 2012 and was killed in a terrorist attack on a U.S. diplomatic compound and intelligence post.

U.S. special operations forces known as JSOC provided security for the delegation as they traveled by vehicle across the Jordanian border and on the road to Damascus. The convoy was given assurances by HTS that it would be granted safe passage while in Syria, but there remains a threat of attacks by other terrorist groups, including ISIS.

CBS News withheld publication of this story for security concerns at the State Department’s request. 

Sending high-level American diplomats to Damascus represents a significant step in reopening U.S.-Syria relations following the fall of the Assad regime less than two weeks ago. Operations at the U.S. embassy in Damascus have been suspended since 2012, shortly after the Assad regime brutally repressed an uprising that became a 14-year civil war and spawned 13 million Syrians to flee the country in one of the largest humanitarian disasters in the world.

The U.S. formally designated HTS, which had ties to al Qaeda, as a foreign terrorist organization in 2018. Its leader, Mohammed al Jolani, was designated as a terrorist by the US in 2013 and prior to that served time in a US prison in Iraq. 

Since toppling Assad, HTS has publicly signaled interest in a new more moderate trajectory. Al Jolani even shed his nom de guerre and now uses his legal name, Ahmed al-Sharaa. 

U.S. sanctions on HTS linked to those terrorist designations complicate outreach somewhat, but they haven’t prevented American officials from making direct contact with HTS at the direction of President Biden. Blinken recently confirmed that U.S. officials were in touch with HTS representatives prior to Carstens and Leaf’s visit.

“We’ve heard positive statements coming from Mr. Jolani, the leader of HTS,” Blinken told Bloomberg News on Thursday. “But what everyone is focused on is what’s actually happening on the ground, what are they doing? Are they working to build a transition in Syria that brings everyone in?”

In that same interview, Blinken also seemed to dangle the possibility that the U.S. could help lift sanctions on HTS and its leader imposed by the United Nations, if HTS builds what he called an inclusive nonsectarian government and eventually holds elections. The Biden administration is not expected to lift the U.S.  terrorist designation before the end of the president’s  term on January 20th.

Pentagon spokesperson Pat Ryder disclosed Thursday that the U.S. currently has approximately 2,000 US troops inside of Syria as part of the mission to defeat ISIS, a far higher number than the 900 troops the Biden administration had previously acknowledged. There are at least five U.S. military bases in the north and south of the country. 

The Biden administration is concerned that thousands of ISIS prisoners held at a camp known as al-Hol could be freed. It is currently guarded by the Syrian Democratic forces, Kurdish allies of the U.S. who are wary of the newly-powerful HTS. The situation on the ground is rapidly changing since Russia and Iran withdrew military support from the Assad regime, which has reset the balance of power. Turkey, which has been a sometimes problematic U.S. ally, has been a conduit to HTS and is emerging as a power broker.

A high-risk mission like this is unusual for the typically risk averse Biden administration, which has exercised consistently restrained diplomacy. Blinken approved Carstens and Leaf’s trip and relevant congressional leaders were briefed on it days ago.

“I think it’s important to have direct communication, it’s important to speak as clearly as possible, to listen, to make sure that we understand as best we can where they’re going and where they want to go,” Blinken said Thursday.

At a news conference in Moscow Thursday, Russian President Vladimir Putin said he had not yet met with Assad, who fled to Russia when his regime fell earlier this month. Putin added that he would ask Assad about Austin Tice when they do meet. 

Tice, a Marine Corps veteran, worked for multiple news organizations including CBS News.



Read the original article

Leave your vote

Continue Reading

CBS News

12/19: CBS Evening News – CBS News

Avatar

Published

on


12/19: CBS Evening News – CBS News


Watch CBS News



Mangione appears in court on federal murder charges after being extradited to New York; EPA’s efforts to tackle pollution in disadvantaged communities could be under threat

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

Delivering Tomorrow: talabat’s Evolution in the Middle East

Avatar

Published

on


Delivering Tomorrow: talabat’s Evolution in the Middle East – CBS News


Watch CBS News



From a startup to a transformative tech leader, discover how talabat champions innovation, sustainability, and community connections in the MENA region

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.