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Is long-term care insurance worth it for seniors in their 70s? Experts weigh in
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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.”
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Dublin’s Grafton Street was mobbed last month when word spread that Coldplay was coming to shoot the video for their new single, “We Pray.”
“I was a little nervous for you there in the beginning,” said Mason.
“Yeah, but you have to just trust in the goodness of people – and the proficiency of the police!” laughed Chris Martin.
Martin was joined by collaborators Burna Boy, Tini, Elyanna and Little Simz. “The five of us actually had never actually played the song in the same place before,” said Martin. “So, our first time doing it was on the street in the middle of all those people.”
Coldplay was in Dublin for four sold-out nights at Croke Park, on their “Music of the Spheres” world tour. With more than 10 million tickets sold, and box office of over $1 billion, Billboard has crowned it “the biggest rock tour of all time.”
Mason asked drummer Will Champion, “You guys are in the middle of literally a record-breaking tour. Does it feel like that to you?”
“Sometimes it’s hard to see the woods for the trees,” Champion replied. “We’re aware that we’re having such a great time. We’re really enjoying ourselves.”
“It definitely was extremely loud last night,” said bassist Guy Berryman.
Champion, Berryman, Martin and guitarist Jonny Buckland haven’t always felt the love, especially in the early years. But critics, who once asked “Why does everyone hate Coldplay?” are now calling them “the 21st century’s defining band.”
“It seems like you’ve kind of been fully embraced even by the music critics,” said Mason.
“Well, you’re very sweet. I mean, that’s just not true!” laughed Martin.
“I don’t think you’re ever fully embraced,” said Buckland.
“Also, we are really not a rock band,” said Martin. “So, when we’re judged by those parameters, we’re always gonna come up short. One thing I’d say that we’ve become more comfortable with is just being ourselves.”
Their catalog of hits stretches across a quarter of a century. Martin said, “The truth of it is, some songs arrive fully formed, basically – not Jonny’s parts or Will’s or Guy’s parts, but my part. And those are the rarest, but they’re always the best, the ones that I had least to do with.”
“But sometimes they’re the hardest to produce, because you don’t want to ruin them!” laughed Buckland.
Martin says he can feel that right away: “Definitely, yeah. The songs of ours that have connected with the most people, they connected with me first. I was like, ‘Oh, this is really good!’ ‘Yellow,’ ‘Viva La Vida,’ ‘Fix You,’ ‘Sky Full of Stars.’ They just land.”
“Viva La Vida” by Coldplay:
“So, in a strange way, you’re listening to it, you’re the first person to listen to it; that’s what it feels like,” said Martin. “With the song ‘We Pray,’ we were in Taiwan on tour about ten months ago. I think it was after a show and I woke up in the middle of the night, this song was just in my head called ‘We Pray.’ And it said, ‘You have to get outta bed and do this now.'”
Coldplay performed “We Pray” with their collaborators on stage for the first time in Dublin. “To have heard a song in the middle of the night in Taiwan and then ten months later it’s on stage in Dublin? I mean, that’s in itself an amazing journey,” Martin said.
Martin started writing songs at a young age: “The first one arrived when I was about 11,” he said.
Martin is always writing, even while on the road. Every morning, he sits down to write freeform – whatever he’s thinking about. “I do that as a way of staying sane!” he laughed. “For 12 minutes in the mornings, I write anything that’s in my head, and it’s often very terrible and very depressed or very anxious, or all of the stuff that you don’t really want anyone else to hear, but you need to release. So, I do that for 12 minutes, and then I burn it.”
“You literally light it on fire?” asked Mason.
“Yeah, or tear it up and flush it away. And it just kind of gets rid of so much nonsense,” Martin said. “Definitely helps in a band, too. Because in the old days we would have a lot more tension and a lot more volatility. But that’s calmed down a lot.”
Buckland was asked about the incredible sense of community at their concerts. “I think this is the point where we are most happy,” he said. “I think we got to that point by being in a band for 25 years and then finally it sort of all clicking into place.”
“Is that just a process of time?” asked Mason.
“Well, I think a process of time and hard work,” said Martin. “We’ve worked quite hard on how we communicate with each other and giving each other space. We tour a lot slower now. We only do about 65 shows a year, which isn’t that many.”
Coldplay’s new record, “Moon Music,” is the band’s tenth studio album.
Martin has said the band would release its last album in 2025. “It was right and it was wrong, like most things I say,” Martin explained. “We are only going to do 12 proper Coldplay albums, but we’re a little bit behind. Not too far behind!”
Buckland explained, “We’re asking for an extension!”
So, why 12 albums? “That’s just what it’s supposed to be,” Martin replied. “I don’t think anyone needs more than that from us. The Beatles did 12.”
Mason asked, “Do you guys have other things you want to do? Is that part of this?”
“Not at all. We’d like to keep playing live,” said Martin.
“So, that goes on?”
“Oh, yeah, yeah – that gets better and better,” Martin said.
“Don’t wanna stop Coldplay,” said Buckland.
You can’t stop Coldplay. Chris Martin says he has to keep sprinting across stadiums.
Why does he have to? “I think it’s like asking an apple tree why does it make apples?” Martin replied. “That’s ’cause that’s what I was made to do. And also, I’m really happy doing it.”
Coldplay performs “feelslikeimfallinginlove” at Glastonbury 2024:
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Story produced by Jon Carras. Editor: Mike Levine.
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On Tuesday, former President Jimmy Carter turns 100 years old. Among those wishing him well is a man who understands the trials of life in the Oval Office, our current President, Joe Biden:
Mr. President, on behalf of the entire Biden family, and the American people, Happy 100th Birthday!
Mr. President, you’ve always been a moral force for our nation and the world. I recognized that as a young senator. That’s why I supported you so early. You’re a voice of courage, conviction, compassion, and most of all, a beloved friend of Jill and me and our family.
We know this is the first birthday without Rosalynn. It’s bittersweet, but we also know she’s always with you. She’s in your heart; she’ll never go away. She may be gone, but she’s always going to be with you. She’s always there, and I know you know that.
Your hopeful vision of our country, your commitment to a better world, and your unwavering belief in the power of human goodness continues to be a guiding light for all of us.
You know, you’re one of the most influential statesmen in our history. Even after you left office, the moral clarity you showed throughout your career showed through again in your commitment through the Carter Center and Habitat for Humanity – resolving conflicts, advancing democracy, preventing disease, and so much more. It’s transforming the lives of people not only at home but around the world.
Put simply, Mr. President, I admire you so darn much.
Jill and I send to you and your incredible family our love. May God continue to bless you, Mr. President. You’ve been a good friend.
Gallery: President Jimmy Carter
Gallery: Carter before the White House
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Story produced by Robert Marston. Editor: Steven Tyler.
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