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3 smart long-term care insurance moves to make in your 70s
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Long-term care insurance can offer valuable financial support by helping pay for nursing homes, assisted living facilities and in-home caretakers. But if you’re shopping for long-term care insurance in your 70s, you’ve likely faced some hurdles. After all, with rejection rates around 50% for 70 to 74 year old applicants, it can be difficult to find a policy that gives you affordable peace of mind – but it’s not impossible.
The good news is that you likely have multiple options to choose from, even in your 70s. However, it’s imperative that you choose the best policy for your needs. And, there are a few smart moves you can make to ensure that you do.
Compare long-term care insurance policies now and lock in your coverage today.
3 smart long-term care insurance moves to make in your 70s
“When you enter your 70s, you may have had a health event or witnessed a friend or sibling with a health event,” explains Rhonda Bills, CLTC, and trainer for Certification for Long-Term Care, a training company that offers long-term care insurance agent certifications. “One of my clients’ first questions to me is, ‘Did we wait too long?’ The response is always NO.”
Here are a few moves you can make to find the best policy for your needs:
Make a plan
The first thing you should do as you look for long-term care coverage in your 70s is make a plan. Do you know how to access care when the need arises? Do you plan on leaning on your family members? Would you rather age at home or does the constant professional health assistance that comes with a nursing home or assisted living community sound more fitting?
These are important questions to think about because the cost of long-term care varies depending on the type of care you receive. Moreover, some policies will only cover formal long-term care options while others will make it possible to pay informal caregivers like your family members and friends.
You should also take this time to think about how much insurance you need. Chances are that you have retirement income. But how much of that income can you allocate to your care – and how much of a financial gap does long-term care insurance need to fill? The answers to these questions will help you find the type and amount of coverage you need.
Chat with a long-term care insurance expert now if you need help making your plan.
Shop around
Long-term care insurance options, limitations and premiums often vary from one provider to the next. So, it’s important to shop around. That’s especially true when you’re in your 70s as potential rejection and high prices are valid concerns. But, comparing multiple policies may bring quality coverage options at affordable prices to light.
“If you’re age 70 and shopping for long-term care, you should consider the difference in cost between insurance companies,” explains Justin Stivers, financial advisor and founding attorney at Stivers Law, a law firm specializing in estate planning. “This is even true for policies with similar coverage. By shopping around, you can compare costs and identify policies that offer the best value.”
It’s also important to note that different policies may come with different coverage options and features. “Shopping around for long-term care insurance can also allow you to explore policy features and select a plan that aligns with your needs and preferences,” says Stivers. “Some policies may offer more comprehensive coverage for home care services and alternative care.”
And shopping around could help you find better policy customization opportunities, “such as inflation protection riders, shared care benefits and non-forfeiture options,” says Stivers.
Get started
“A barrier for this age group is acceptance since the rejection rate by 70 years old is about 50%,” Afik Gal, co-founder and president of the financial planning and insurance firm, Assured Allies, told CBS News Wednesday. And that “barrier” only grows as you age. Not only will prices rise, but the coverage you do get offered may not be as comprehensive as it could have been if you had applied at an earlier point. So, it’s important to start now to give yourself the best chance of finding an effective policy at a reasonable price.
The bottom line
Shopping for long-term care insurance in your 70s can be challenging. But, it may still be possible to find affordable coverage that meets your needs. Before you shop, think about what your needs are and create a long-term care plan. Then shop around to find a policy that fits within your plan. And, perhaps most importantly, you should start your search for coverage now as it may not be available or affordable later. Get in touch with a long-term care insurance specialist today to discuss your options.
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The U.S. will remove all its forces and equipment from a small base in Niger this weekend and fewer than 500 remaining troops will leave a critical drone base in the West African country in August, ahead of a Sept. 15 deadline set in an agreement with the new ruling junta, the American commander there said Friday.
Air Force Maj. Gen. Kenneth Ekman said in an interview that a number of small teams of 10-20 U.S. troops, including special operations forces, have moved to other countries in West Africa. But the bulk of the forces will go, at least initially, to Europe.
Tech. Sgt. Christopher Dyer / AP
Niger’s ouster of American troops following a coup last year has broad ramifications for the U.S. because it is forcing troops to abandon the critical drone base that was used for counterterrorism missions in the Sahel.
Ekman and other U.S. military leaders have said other West African nations want to work with the U.S. and may be open to an expanded American presence. He did not detail the locations, but other U.S. officials have pointed to the Ivory Coast and Ghana as examples.
Ekman, who serves as the director for strategy at U.S. Africa Command, is leading the U.S. military withdrawal from the small base at the airport in Niger’s capital of Niamey and from the larger counterterrorism base in the city of Agadez. He said there will be a ceremony Sunday marking the completed pullout from the airport base, then those final 100 troops and the last C-17 transport aircraft will depart.
Speaking to reporters from The Associated Press and Reuters from the U.S. embassy in Niamey, Ekman said that while portable buildings and vehicles that are no longer useful will be left behind, a lot of larger equipment will be pulled out. For example, he said 18 4,000-pound (1,800-kilograms) generators worth more than $1 million each will be taken out of Agadez.
Unlike the withdrawal from Afghanistan, he said the U.S. is not destroying equipment or facilities as it leaves.
“Our goal in the execution is, leave things in as good a state as possible,” he said. “If we went out and left it a wreck or we went out spitefully, or if we destroyed things as we went, we’d be foreclosing options” for future security relations.
AFP via Getty
Niger’s ruling junta ordered U.S. forces out of the country in the wake of last July’s ouster of the country’s democratically elected president by mutinous soldiers. French forces had also been asked to leave as the junta turned to the Russian mercenary group Wagner for security assistance.
Washington officially designated the military takeover as a coup in October, triggering U.S. laws restricting the military support and aid.
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U.S. troops leaving Niger bases this weekend and in August after coup, officials say
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