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Is long-term care insurance worth buying in your 60s? Here’s what experts say

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The cost of buying long-term care insurance can be worth it, even when you’re in your 60s, experts say.

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Healthcare costs can be one of the most expensive aspects of retirement, even with Medicare covering much of the basics. Part of the issue is that if you need to receive long-term care, such as a home health aide or staying in an assisted living facility, Medicare or traditional health insurance generally do not cover these areas. If they do, the coverage can be very limited, such as only allowing a few days in a skilled nursing facility for rehabilitation after surgery.

While you might think that you’ll never need long-term care and can be self-sufficient, the data tells another story. Someone turning 65 today has almost a 70% chance of needing long-term care, according to the U.S. Department of Health and Human Services. And if you do need long-term care, the out-of-pocket costs can be exorbitant. For example, the monthly median cost for a home health aide in the US is $6,292, while a private room in a nursing home has a median monthly cost of $9,733, according to Genworth.

That’s why many people turn to long-term care insurance to help reduce the risk of facing large expenses later in life. However, long-term care insurance generally gets more expensive as you age. A 60-year-old couple with a long-term care insurance policy that provides $165,000 in benefits can expect to pay $2,550 per year combined, while the average jumps to $3,750 at age 65, according to the American Association for Long-Term Care Insurance. But are these costs worth it for people in their 60s? 

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

Is long-term care insurance worth buying in your 60s? Here’s what experts say

When it comes to whether the cost of buying long-term care insurance is worth it in your 60s, many experts say yes, but it can depend on the situation. Here’s when it may and may not be worth the price.

Why long-term care insurance can be worth buying in your 60s

While paying thousands of dollars per year in premiums might not sound appealing, it can be better than the alternative of having no coverage for decades to come.

“When a person is in their 60s, they can live until 90-100 and the risk and consequence is something they still need to consider, especially as we age and have the potential for health issues to arise,” says Brian Gordon, president of Gordon Associates Long Term Care Planning.

That’s not to say that everyone needs long-term care insurance. For example, you may not need it if you simply can’t afford the premiums. But for many people, experts say it’s worth considering in your 60s before long-term care insurance costs increase even more.

“Purchasing long-term care insurance in your early 60s increases the chances of qualifying for coverage before any serious health issues arise that might disqualify you. While premiums for long-term care insurance increase with age, buying in your 60s is generally less expensive than in your 70s when it becomes prohibitively expensive,” says Thomas C. West, a senior partner with Signature Estate & Investment Advisors, LLC.

You may also want to consider the total cost of long-term care insurance, rather than just looking at one year of premiums.

“If Jane takes out a policy at age 55 that has a $5,000 annual premium, and Mary takes out a policy at age 65 that has a $7,000 annual premium, at age 85 Jane will have paid a total of $150,000 while Mary will have paid a total of $140,000,” says Chris Rivers, principal at Armstrong, Fleming & Moore, Inc.

“So if you have room in your budget for the higher annual premium, the costs can still make sense in your 60s,” Rivers says.

Also, there’s a risk of “being denied coverage due to health reasons,” he adds. 

So, if you still qualify in your 60s, you might jump on that opportunity while you still can.

Learn how much the right long-term care insurance policy could cost you.

Why long-term care insurance might not be worth buying in your 60s

Although some seniors benefit from long-term care insurance, it’s important to consider how this coverage fits into your overall finances.

In terms of whether to buy long-term care insurance in your 60s, “twenty years ago the answer was a resounding ‘yes,’ but premiums and cost have risen significantly since then. The first consideration is your current cash flow, and whether or not you can afford to pay the premiums,” says Rivers.

Also, consider whether you could receive support from programs like Medicaid if your financial situation allows for it.

“If you don’t have assets to protect from a Medicaid spend-down, long-term care insurance may not be the best use of your limited resources,” says Tim Kulhanek, co-founder and financial advisor at Stonebridge Wealth Systems.

Plus, depending on your health, waiting until your 60s might affect long-term care insurance eligibility.

“Clients often wait too late to explore coverage, perhaps not understanding that the underwriting for long-term care insurance is different from life insurance,” says West.

But even if reasons like these prevent you from getting long-term care insurance, there are other potential solutions to consider.

“Aside from traditional long-term care insurance, you could also consider alternatives such as life insurance options that provide access to the death benefit should you become unable to navigate your environment safely,” says Kulhanek.

The bottom line

Long-term care insurance policies can help seniors manage the risk of facing expensive care later in life, and even if you wait to buy a policy until you’re in your 60s, that’s not necessarily too late. And, while some experts suggest buying coverage earlier to obtain lower premiums, it can still pay off to buy a policy in your 60s. However, some would be better off utilizing other ways to pay for long-term care if needed, such as Medicaid if that’s available to them or certain life insurance benefits that can be paid out early.



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Sen. Tammy Duckworth says Pete Hegseth is “flat-out wrong” about women in combat roles

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Sen. Tammy Duckworth says Pete Hegseth is “flat-out wrong” about women in combat roles – CBS News


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Democratic Sen. Tammy Duckworth of Illinois, a combat veteran of the Iraq War, tells “Face the Nation” that Pete Hegseth, President-elect Donald Trump’s pick to lead the Defense Department, is “flat-out wrong” in his assessment that women shouldn’t be in combat roles.

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Sen. Duckworth says Trump defense secretary pick is “flat-out wrong” about women in combat roles

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Democratic Sen. Tammy Duckworth said Sunday that Pete Hegseth, President-elect Donald Trump’s pick for defense secretary is “flat-out wrong” in his view that women should not serve in the military in combat roles. 

“Our military could not go to war without the women who wear this uniform,” Duckworth said on “Face the Nation with Margaret Brennan.” “And frankly, America’s daughters are just as capable of defending liberty and freedom as her sons.”

Trump tapped Hegseth, a former Fox News host and Army veteran who served in Iraq and Afghanistan as his pick to head the Defense Department earlier this month. The 44-year-old has drawn criticism for his stance on women in combat roles, along with his level of experience. 

Duckworth, who in 2004 deployed to Iraq as a Blackhawk helicopter pilot and sustained severe injuries when her helicopter was hit by an RPG, outlined that women who serve in combat roles have met the same standards as men, passing rigorous testing. She said Hegseth’s position “just shows his lack of understanding of where our military is,” while arguing that he’s “inordinately unqualified for the position.”

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Sen. Tammy Duckworth on “Face the Nation with Margaret Brennan,” Nov. 24, 2024.

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“Our military could not go to war without the 220,000-plus women who serve in uniform,” Duckworth said. She added that having women in the military “does make us more effective, does make us more lethal.”

Hegseth has also drawn scrutiny amid recently unearthed details about an investigation into an alleged sexual assault in 2017. Hegseth denies the allegation and characterized the incident as a consensual encounter. The Monterey County district attorney’s office declined to file charges as none were “supported by proof beyond a reasonable doubt.” His lawyer has acknowledged that Hegseth paid a confidential financial settlement to the woman out of concern that the allegation would jeopardize his employment. 

Duckworth, an Illinois Democrat who serves on the Armed Services and Foreign Relations Committees, said it’s “really troubling” that Trump would nominate someone who “has admitted that he’s paid off a victim who has claimed rape allegations against him.”

“This is not the kind of person you want to lead the Department of Defense,” she added. 

The comments come after Trump announced a slew of picks for top posts in his administration in recent days. Meanwhile, one pick — former Rep. Matt Gaetz for attorney general — has already withdrawn his name from consideration after he faced intense scrutiny amid a House Ethics Committee investigation and a tenuous path to Senate confirmation.

While Duckworth acknowledged that she’s glad her Senate Republicans “held the line” on Gaetz and also elected Sen. John Thune as leader over a candidate favored by many in Trump’s orbit, she said she’s “deeply concerned” her Republican colleagues will green light Trump’s nominees. 

“From what I’m hearing from my Republican colleagues on everything from defense secretary to other posts, it sounds like they are ready to roll over for Mr. Trump,” Duckworth said. 

But Duckworth didn’t rule out supporting some of the nominees herself during the Senate confirmation process, pledged to evaluate each candidate based on their ability to do the job, and their willingness to put the needs of the American people before “a retribution campaign for Mr. Trump.”

Meanwhile, a CBS News poll released on Sunday found that 33% of Americans say Hegseth is a “good choice” for defense secretary, including 64% of Trump voters. But 39% of Americans said they hadn’t heard enough yet about the pick. More broadly, Americans generally say they want Trump to appoint people who’ll speak their minds and who have experience in the field or agency they’ll run.

Sen. Rand Paul, a Kentucky Republican who also appeared on “Face the Nation” on Sunday, said he believes that Hegseth can run the massive Defense Department, despite his lack of experience managing a large organization. Though he did not address Hegseth’s comments about women in combat roles, Paul said he believes the “vast majority of people” support leaders who are picked based on merit, citing Hegseth’s criticism of the Pentagon for what he says has been a move away from merit-based hiring and toward hiring based on “racial characteristics.”



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Israeli strike kills Lebanese soldier as Hezbollah fires at least 185 rockets at Israel

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Hezbollah fired at least 185 rockets and other projectiles into Israel on Sunday, wounding seven people in the militant group’s heaviest barrage in several days, in response to deadly Israeli strikes in Beirut while negotiators pressed on with cease-fire efforts to halt the war.

Meanwhile, an Israeli strike on a Lebanese army center killed one soldier and wounded 18 others on the southwestern coastal road between Tyre and Naqoura, Lebanon’s military said. Israel’s military expressed regret and said the strike occurred in an area of combat against Hezbollah, adding that its operations are directed solely against the militants. The strike was under review.

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Rescue workers search for victims at the site of an Israeli airstrike that hit central Beirut, Lebanon, Saturday, Nov. 23, 2024.

Hussein Malla / AP


Israeli strikes have killed over 40 Lebanese troops since the start of the war between Israel and Hezbollah, even as Lebanon’s military has largely kept to the sidelines.

Lebanon’s caretaker prime minister, Najib Mikati, condemned it as an assault on U.S.-led cease-fire efforts, calling it a “direct, bloody message rejecting all efforts and ongoing contacts” to end the war.

“(Israel is) again writing in Lebanese blood a brazen rejection of the solution that is being discussed,” a statement from his office read.

The strike occurred in southwestern Lebanon on the coastal road between Tyre and Naqoura, where there has been heavy fighting between Israel and Hezbollah.

Hezbollah began firing rockets, missiles and drones into Israel after Hamas’ Oct. 7, 2023, attack out of the Gaza Strip ignited the war there. Hezbollah has portrayed the attacks as an act of solidarity with the Palestinians and Hamas. Iran supports both armed groups.

Israel has launched retaliatory airstrikes since the rocket fire began, and in September the low-level conflict erupted into all-out war, as Israel launched waves of airstrikes across large parts of Lebanon and killed Hezbollah’s top leader, Hassan Nasrallah, and several of his top commanders.

Hezbollah fired a total of around 160 rockets and other projectiles into Israel on Sunday, some of which were intercepted, the Israeli military said.

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Israeli police bomb squad inspect the site after a missile fired from Lebanon hit the area in Petah Tikva, outskirts of Tel Aviv, Israel, Sunday Nov. 24, 2024.

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Israel’s Magen David Adom rescue service said it was treating two people in the central city of Petah Tikva, a 23-year-old man who was lightly wounded by a blast and a 70-year-old woman suffering from smoke inhalation from a car that caught fire. The first responders said they treated three other people in northern Israel, closer to the border, including a 60-year-old man in serious condition.

It was unclear whether the injuries and damage were caused by the rockets or interceptors.

Israeli airstrikes early Saturday pounded central Beirut, killing at least 20 people and wounding 66, according to Lebanon’s Health Ministry.

Israeli attacks have killed more than 3,500 people in Lebanon, according to Lebanon’s Health Ministry. The fighting has displaced about 1.2 million people, or a quarter of Lebanon’s population.

On the Israeli side, about 90 soldiers and nearly 50 civilians have been killed by bombardments in northern Israel and in battle following Israel’s ground invasion in early October. Around 60,000 Israelis have been displaced from the country’s north.

The Biden administration has spent months trying to broker a cease-fire, and U.S. envoy Amos Hochstein was back in the region last week.


U.S. envoy says there is “real opportunity” to end fighting between Israel, Hezbollah

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The European Union’s top diplomat called for more pressure on both Israel and Hezbollah to reach a deal, saying one was “pending with a final agreement from the Israeli government.”

Josep Borrell spoke Sunday after meeting with Mikati and Lebanese Parliament Speaker Nabih Berri, a Hezbollah ally who has been mediating with the group.

Borrell said the EU is ready to allocate 200 million euros ($208m) to assist the Lebanese military, which would deploy additional forces to the south.

The emerging agreement would pave the way for the withdrawal of Hezbollah militants and Israeli troops from southern Lebanon below the Litani River in accordance with the U.N. Security Council resolution that ended the 2006 war. Lebanese troops would patrol the area, with the presence of U.N. peacekeepers.

Lebanon’s army reflects the religious diversity of the country and is respected as a national institution, but it does not have the military capability to impose its will on Hezbollah or resist Israel’s invasion.



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