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Can you buy long-term care insurance in your 80s?
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Long-term care insurance is a product designed to help you plan for the financial burden associated with a potential need for long-term care later in life. And that burden isn’t just a costly one, it’s also a common one among older Americans. Many of these seniors can benefit from the nursing home, assisted living facility and in-home caretaker coverage a long-term care insurance policy offers.
That noted, long-term care insurance providers have to account for the risk they accept when they sell coverage – a risk that’s higher when they cover older adults. But, what if you’re in your 80s? Do you still qualify for long-term care insurance? And if so, is it even worth buying?
Find out if you qualify for long-term care insurance today.
Can you buy long-term care insurance in your 80s?
You may be able to buy a long-term care insurance policy in your 80s, but it’s important that you act quickly. According to the American Association for Long-Term Care Insurance, the maximum age for this type of insurance is typically 85. So, it’s important to act before then.
It’s also worth noting that your age isn’t the only qualifying factor for a long-term care insurance policy. Your height, weight and current health factors (like pre-existing conditions and current medications) will also play a role in your ability to qualify for coverage. Nonetheless, as long as you’re between 80 and 85 years old, it’s worth applying as you may still have access to quality coverage options.
Compare your long-term care insurance options now before it’s too late.
Why you should buy long-term care insurance in your 80s
There are several reasons to purchase long-term care insurance, even if you’re in your 80s. The first reason to do so is to protect yourself financially.
Long-term care services are often costly – generally ranging from tens of thousands of dollars to over a hundred thousand dollars annually. Even if you have a sizable retirement nest egg, such a significant cost can pose a threat to your financial stability later in life. And when you’re in your 80s, that threat is more pressing than it has been in the past as your likelihood of needing long-term care grows with age.
Long-term care insurance can also protect your ability to receive care on your own terms. For example, a private room in a nursing home is typically more expensive than a semi-private room. While long-term care insurance may make it easy to choose a private option, if you’re paying out of pocket, you may not be able to afford that luxury.
But self-protection isn’t the only reason to purchase long-term care insurance when you’re in your 80s. In fact, this type of insurance can protect your friends and family members, too. Here’s how:
- Providing professional care: Even if you plan to age at home and lean on your loved ones for your care, those who provide that care may need a break from time to time. Long-term care insurance usually covers services that make it possible to give the family members and friends who provide your care breaks when needed. For example, your policy may pay for adult daycare or the occasional home health aide.
- Providing payment for care: Some long-term care insurance policies, like cash benefit long-term care insurance, make it easy to pay your caregivers regardless of whether they’re formal or informal. As such, you’ll be able to use your long-term care insurance to pay your informal caregivers (like friends and family members) as long as you choose the right type of policy.
- Inheritance protection: If you don’t have a plan to cover the cost of your care, you may lean on your estate for the money you need if a long-term care event takes place. Unfortunately, that means a long-term care event could result in you having fewer assets to leave behind for your family and friends when you die.
The bottom line
Long-term care insurance can make it easier to plan for the cost of your care in the future. But, if you’re in your 80s, it’s important to act before you turn 86 as most providers won’t accept applicants who are over 85 years old.
Nonetheless, if you’re between the ages of 80 and 85, long-term care insurance may be an effective way to plan for the cost of your care and protect your ability to choose the care you receive. It can also protect your loved ones from financial and emotional strain. Compare your long-term care insurance options now, before it’s too late.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
CBS Philadelphia
Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.