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Is long-term care insurance worth it for seniors in their 70s? Experts weigh in
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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New discoveries could rewrite the history of early Americans — and the 4-ton sloths they lived with
Sloths weren’t always slow-moving, furry tree-dwellers. Their prehistoric ancestors were huge – up to 4 tons – and when startled, they brandished immense claws.
For a long time, scientists believed the first humans to arrive in the Americas soon killed off these giant ground sloths through hunting, along with many other massive animals like mastodons, saber-toothed cats and dire wolves that once roamed North and South America.
But new research from several sites is starting to suggest that people came to the Americas earlier – perhaps far earlier – than once thought. These findings hint at a remarkably different life for these early Americans, one in which they may have spent millennia sharing prehistoric savannas and wetlands with enormous beasts.
“There was this idea that humans arrived and killed everything off very quickly – what’s called ‘Pleistocene overkill,'” said Daniel Odess, an archaeologist at White Sands National Park in New Mexico. But new discoveries suggest that “humans were existing alongside these animals for at least 10,000 years, without making them go extinct.”
Some of the most tantalizing clues come from an archaeological site in central Brazil, called Santa Elina, where bones of giant ground sloths show signs of being manipulated by humans. Sloths like these once lived from Alaska to Argentina, and some species had bony structures on their backs, called osteoderms – a bit like the plates of modern armadillos – that may have been used to make decorations.
In a lab at the University of Sao Paulo, researcher Mírian Pacheco holds in her palm a round, penny-sized sloth fossil. She notes that its surface is surprisingly smooth, the edges appear to have been deliberately polished, and there’s a tiny hole near one edge.
“We believe it was intentionally altered and used by ancient people as jewelry or adornment,” she said. Three similar “pendant” fossils are visibly different from unworked osteoderms on a table – those are rough-surfaced and without any holes.
These artifacts from Santa Elina are roughly 27,000 years old – more than 10,000 years before scientists once thought that humans arrived in the Americas.
Originally researchers wondered if the craftsmen were working on already old fossils. But Pacheco’s research strongly suggests that ancient people were carving “fresh bones” shortly after the animals died.
Her findings, together with other recent discoveries, could help rewrite the tale of when humans first arrived in the Americas – and the effect they had on the environment they found.
“There’s still a big debate,” Pacheco said.
“Really compelling evidence”
Scientists know that the first humans emerged in Africa, then moved into Europe and Asia-Pacific, before finally making their way to the last continental frontier, the Americas. But questions remain about the final chapter of the human origins story.
Pacheco was taught in high school the theory that most archaeologists held throughout the 20th century. “What I learned in school was that Clovis was first,” she said.
Clovis is a site in New Mexico, where archaeologists in the 1920s and 1930s found distinctive projectile points and other artifacts dated to between 11,000 and 13,000 years ago.
This date happens to coincide with the end of the last Ice Age, a time when an ice-free corridor likely emerged in North America – giving rise to an idea about how early humans moved into the continent after crossing the Bering land bridge from Asia.
And because the fossil record shows the widespread decline of American megafauna starting around the same time – with North America losing 70% of its large mammals, and South America losing more than 80% – many researchers surmised that humans’ arrival led to mass extinctions.
“It was a nice story for a while, when all the timing lined up,” said paleoanthropologist Briana Pobiner at the Smithsonian Institution’s Human Origins Program. “But it doesn’t really work so well anymore.”
In the past 30 years, new research methods – including ancient DNA analysis and new laboratory techniques – coupled with the examination of additional archaeological sites and inclusion of more diverse scholars across the Americas, have upended the old narrative and raised new questions, especially about timing.
“Anything older than about 15,000 years still draws intense scrutiny,” said Richard Fariña, a paleontologist at the University of the Republic in Montevideo, Uruguay. “But really compelling evidence from more and more older sites keeps coming to light.”
In Sao Paulo and at the Federal University of Sao Carlos, Pacheco studies the chemical changes that occur when a bone becomes a fossil. This allows her team to analyze when the sloth osteoderms were likely modified.
“We found that the osteoderms were carved before the fossilization process” in “fresh bones” – meaning anywhere from a few days to a few years after the sloths died, but not thousands of years later.
Her team also tested and ruled out several natural processes, like erosion and animal gnawing. The research was published last year in the journal Proceedings of the Royal Society B.
One of her collaborators, paleontologist Thaís Pansani, recently based at the Smithsonian Institution, is analyzing whether similar-aged sloth bones found at Santa Elina were charred by human-made fires, which burn at different temperatures than natural wildfires.
Her preliminary results suggest that the fresh sloth bones were present at human campsites – whether burned deliberately in cooking, or simply nearby, isn’t clear. She is also testing and ruling out other possible causes for the black markings, such as natural chemical discoloration.
“A giant ground sloth”
The first site widely accepted as older than Clovis was in Monte Verde, Chile.
Buried beneath a peat bog, researchers discovered 14,500-year-old stone tools, pieces of preserved animal hides, and various edible and medicinal plants.
“Monte Verde was a shock. You’re here at the end of the world, with all this organic stuff preserved,” said Vanderbilt University archaeologist Tom Dillehay, a longtime researcher at Monte Verde.
Other archaeological sites suggest even earlier dates for human presence in the Americas.
Among the oldest sites is Arroyo del Vizcaíno in Uruguay, where researchers are studying apparent human-made “cut marks” on animal bones dated to around 30,000 years ago.
At New Mexico’s White Sands, researchers have uncovered human footprints dated to between 21,000 and 23,000 years ago, as well as similar-aged tracks of giant mammals. But some archaeologists say it’s hard to imagine that humans would repeatedly traverse a site and leave no stone tools.
“They’ve made a strong case, but there are still some things about that site that puzzle me,” said David Meltzer, an archaeologist at Southern Methodist University. “Why would people leave footprints over a long period of time, but never any artifacts?”
Odess at White Sands said that he expects and welcomes such challenges. “We didn’t set out to find the oldest anything – we’ve really just followed the evidence where it leads,” he said.
While the exact timing of humans’ arrival in the Americas remains contested – and may never be known – it seems clear that if the first people arrived earlier than once thought, they didn’t immediately decimate the giant beasts they encountered.
And the White Sands footprints preserve a few moments of their early interactions.
As Odess interprets them, one set of tracks shows “a giant ground sloth going along on four feet” when it encounters the footprints of a small human who’s recently dashed by. The huge animal “stops and rears up on hind legs, shuffles around, then heads off in a different direction.”
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