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As a Social Security cut looms, should seniors buy long-term care insurance now?
Social Security is running low, just not as quickly as initially expected. That was the big news for seniors this week after the Social Security Board of Trustees released its annual report, projecting that it may not need to cut benefits until 2035, or one year later than originally predicted. Still, if that cut does eventually come to fruition, it will be a painful one at 17% less in monthly payments. That’s a substantial cut for the 70 million Americans currently relying on their Social Security benefits.
The news, while seemingly far off, should lead many American seniors to take a closer look at their financial circumstances. Do they have enough money to offset a potential cost? And how will they be able to pay for the rising cost of long-term care as they age? Fortunately, there is one trusted and reliable form of insurance that may be worth purchasing now: long-term care insurance.
This unique type of protection can help cover the costs of nursing homes, assisted living facilities and in-home caretakers. And with the prospect of reduced Social Security benefits in mind, many seniors may want to act now. Below, we’ll break down three reasons why.
Start by exploring your long-term care insurance options online here.
Should seniors buy long-term care insurance ahead of a Social Security cut?
Here are three compelling reasons why seniors may want to purchase a long-term care insurance plan now before any cut to Social Security goes into effect:
The costs will rise
Like most insurance policies, the longer you wait the more likely the price is to increase. And, long-term care insurance is no exception. While you can potentially secure a policy up until the age of 85, the sooner you act the less you’ll likely pay. That’s why many experts suggest getting started before the age of 65, although you could theoretically purchase a plan as soon as your 40s or 50s.
Just don’t wait around and expect to secure cost-effective coverage later in life, because it’s unlikely to be offered without a hefty premium attached. And that will be particularly problematic if your Social Security benefits have been cut by that point.
See how much a long-term care insurance policy would cost you now.
The need for care will increase
As you age, the need for long-term care will increase. But waiting for that need to arise could align with a cut to your Social Security benefits, combining to form a perfect storm of needed care and a limited budget. So, if you already know that you will need the care a long-term care insurance policy can help pay for, it makes sense to act now. “Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years,” the Department of Health & Human Services notes online.
Your budget may already be strained
While this inflationary cycle may be at its end, the damage to your finances may have already occurred. Thanks to the highest inflation rate in decades (which has since cooled) and the highest interest rates since 2001 (which haven’t cooled), millions of seniors have seen their budgets tightened thanks to a higher cost of living.
So if your budget is strained now, who knows what it can look like in a few years? The most recent Social Security cost of living adjustment (COLA) was significantly less than it was the year before (3.2% for 2024 versus 8.7% for 2023), as well. Against this backdrop, then, it could be advantageous to secure a long-term care insurance policy now, while premiums are still manageable.
Learn more about your long-term care insurance options here.
The bottom line
In the face of a prospective cut to Social Security benefits, seniors should prepare for the cost of their long-term care now. Fortunately, a long-term care insurance policy could help. But it pays to be proactive. If your budget is already strained thanks to today’s inflationary pressures, it may pay to get some financial protection lined up in advance of a need. And, with the prospect of rising premiums and an increased need for care, now may be the time to secure a plan. By doing so, you’ll have a way to adequately pay for your long-term care needs, regardless of any adjustments to your Social Security benefits.
CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
How to watch the “60 Minutes” election special
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Kamala Harris discusses U.S. relationship with Israel
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Nature: Aspens in Utah – CBS News
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