Connect with us

CBS News

What’s the maximum you should spend on long-term care insurance? What experts say

Avatar

Published

on


Stethoscope and calculator symbol for health care costs or medical insurance
If you’re going to purchase long-term care insurance, you may not want to spend more than a certain amount on coverage, experts say.

Assoonas/Getty Images


As a senior, planning for the extra help you might need for your daily care can feel overwhelming. But figuring out what your future long-term care needs might be, along with the potential costs and what you can afford to pay, can benefit you now and over the long run. And, it can also help you find ways to cut down on the costs tied to your long-term care, like securing a long-term care insurance policy. This type of coverage can be critical as you age, as it helps cover the costs of your long-term care, whether that’s in a nursing home, an adult day care facility or via a home health aid.  

But while this type of coverage can be crucial, it also comes at a cost. For example, the price of a long-term care insurance policy with $165,000 in benefits averages about $950 per year for a single, healthy 55 year-old man. The same policy and benefits average about $1,500 for a healthy woman of the same age. But the average price for the same policy for a 60 year-old man jumps to about $1,175 a year and increases to about $1,900 annually for a 60 year-old woman. 

That’s just the average, though. And, depending on your age, health and other factors, the cost of long-term care insurance can be much higher or lower than the average. So what’s the most that experts say you should pay for this type of coverage? 

Find out how much a long-term care insurance policy could cost you today.

What’s the maximum you should spend on long-term care insurance? What experts say

What long-term care insurance will cost you can fluctuate based on your age, the type of insurance you choose, where you live and more. But Alex Cruz, the owner of Matrix Insurance, says the maximum that you should spend on your long-term care insurance policy is not necessarily tied to a dollar amount, but rather, a percentage.

“There is no maximum amount [but] you shouldn’t spend more than 5 to 6 percent of your annual income [on] premiums,” Cruz says. “If you go beyond that, it will become a financial burden.”

When it comes to the maximum amount you should spend on a policy, the answer depends on each person’s circumstances, says Peter J. Landry, managing director of insurance and annuities at Wells Fargo. 

“You’ll want to consider the average monthly amount of care, as well as the typical amount of time that care will be needed, which is approximately four to six years in most situations,” Landry says. “Sometimes care is needed for a longer period of time as well, so family history plays a role too in determining a suitable amount of coverage.”

With multiple factors impacting the cost, a good place to start is to figure out how much coverage you need from your policy. To determine this, you may want to utilize calculators online or talk with a financial advisor who can help you decide what the right amount is for you and your family.

Explore your top long-term care insurance options and compare the costs now.

When should you purchase long-term care insurance?

Many people wait to purchase a long-term care insurance policy until they get older. But waiting too long can have a big impact on the cost of your long-term care insurance.

According to Wilson Coffman, president of Coffman Retirement Group, says the best time to buy this type of insurance is when you hit middle age.

“The best time to purchase long-term care insurance is early in your adult life, between the ages of 45 and 55,” Coffman says. 

And not everyone needs to purchase a policy, Coffman says. For example, high earners who have the assets available to pay for the cost of long-term care may not need this type of coverage. 

Both Coffman and Landry also note that if you’re going to purchase this type of policy, it’s important to read your contracts carefully.

“One important factor to consider when purchasing a long-term care policy is whether or not payments from the contract, when needed, are reimbursement or indemnity based,” Landry says. “Indemnity [means] that receipts for care do not need to be submitted. Rather, the insurance company pays a specified amount each month to the policy owner, once they have qualified to receive policy benefits.”

The bottom line

Ultimately, the maximum amount you should spend on a long-term care insurance policy depends on a wide range of factors, so the answer to this question will vary based on your unique circumstances and who you ask. For many, it doesn’t make sense to spend more than 5% to 6% of your annual income on a long-term care insurance policy, but in some cases, you may need to spend a bit more to get the right coverage amount — and in some cases, you may not need coverage at all. So, as you weigh your options, be sure to take all of the factors into account to determine how much you should spend and how much coverage you need to ensure that you and your finances are protected. 



Read the original article

Leave your vote

Continue Reading

CBS News

How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more

Avatar

Published

on


Minnesota Vikings v Tennessee Titans
Sam Darnold #14 of the Minnesota Vikings scrambles in the second quarter of a game against the Tennessee Titans at Nissan Stadium on November 17, 2024 in Nashville, Tennessee.

Getty Images


The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday. 

Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.


How and when to watch the Minnesota Vikings vs. Chicago Bears

The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.


How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable

You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.

Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.


You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.


Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.


Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.



Read the original article

Leave your vote

Continue Reading

CBS News

How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more

Avatar

Published

on


Jacksonville Jaguars v Detroit Lions
Kerby Joseph #31 of the Detroit Lions celebrates with teammates after intercepting a pass in the third quarter of a game against the Jacksonville Jaguars at Ford Field on November 17, 2024 in Detroit, Michigan.

Nic Antaya/Getty Images


The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday. 

Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.


Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts

The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.


How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable

You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.

Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.

Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.


You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.


Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.


Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.



Read the original article

Leave your vote

Continue Reading

CBS News

How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more

Avatar

Published

on


gettyimages-2185285748.jpg
Quarterback Drake Maye #10 of the New England Patriots throws a pass during the fourth quarter against the Los Angeles Rams at Gillette Stadium on November 17, 2024 in Foxborough, Massachusetts.

Getty Images


The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.

Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable. 

CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.


How and when to watch the New England Patriots vs. Miami Dolphins game today

The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.


How and when to watch the New England Patriots vs. Miami Dolphins game without cable

While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:

Paramount+: Watch CBS-aired NFL games without cable

With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.

Get started with Paramount+ here today.

Amazon Prime Video: Add Paramount+ to your existing subscription

Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.

Watch the Patriots-Dolphins game on Amazon Prime Video.

Fubo: Watch the Patriots-Dolphins game for free

Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.

Get started with Fubo online now.



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.