Connect with us

CBS News

Why you should apply for long-term care insurance before your 80s

Avatar

Published

on


gettyimages-1466778784.jpg
Waiting too long to apply for long-term care insurance can be a mistake. 

Getty Images


Have you considered purchasing long-term care insurance? This type of insurance can help pay for the added cost of long-term care that most older Americans will face at some point

Long-term care insurance is commonly thought of as a way to cover the cost of nursing homes and assisted living communities, but the right policy can help you age at home, too with coverage for in-home health aides. It may even help you pay informal caregivers like your family members or cover the cost of accessibility-related home renovations

But, if you’ve thought about applying for coverage, and decided to wait, you may be making a mistake. That’s especially true if you wait too long. In fact, waiting to apply for long-term care insurance until your 80s can come with significant consequences. 

Don’t wait until it’s too late. Apply for long-term care insurance today

Why you should apply for long-term care insurance before your 80s

Here are three reasons why you should apply for long-term care insurance before you turn 80: 

Prices will rise

The premiums you pay for long-term care insurance typically reflect the risk your insurance company accepts when it approves your policy. Higher risk to the insurer is usually met with a higher cost to the consumer – and the longer you wait to apply for long-term care insurance, the greater that risk and resulting cost will be. 

So, if you wait until you’re in your 80s to apply for coverage, your premiums may become cost prohibitive. While you may be able to find long-term care insurance in your 80s, “it’s likely going to cost you a lot more than you would want to pay,” explains Patrick Simasko, elder law attorney and financial advisor at the elder law and estate planning law firm, Simasko Law.

Apply for long-term care insurance now to find out how affordable your premiums can be

Coverage options may be more limited

“If you consider that greater than 50% of those over age 65 will need care, that percentage will be much greater by the age of 80,” explains Bill Comfort, instructor and training director at Certification for Long-Term Care, a training company that certifies long-term care insurance agents. 

As such, most traditional long-term care insurance policies are only available to applicants who are 79 or younger, according to the American Association for Long-Term Care Insurance. And, if you wait until you’re in your 80s to apply, you may be limited to linked-benefit long-term care insurance

Linked benefit policies are typically life insurance policies with a long-term care insurance rider. These policies may be more limited in the types of coverage they provide. For example, you may be hard pressed to find a linked-benefit policy with a cash benefit that allows you to pay informal caregivers (like friends and family) or make accessibility-related home renovations. 

You may not even qualify

“Obtaining long-term care insurance in your 80s is like asking if you can get homeowners insurance when your house is already on fire,” says Simasko. 

According to the American Association for Long-Term Care Insurance, most traditional long-term care insurance policies are only available to applicants who are 79 years old and younger. And, while you may qualify for a linked-benefit policy, insurers usually stop offering coverage altogether when applicants are over 85. 

But, it’s worth noting that if you’re under 85 years old, you won’t automatically qualify for coverage. You’ll usually need to pass an underwriting process that considers factors like your age, health status, height, weight and gender before you can access coverage. And, since health concerns generally arise with age, it’s best to apply for coverage as soon as possible. 

The bottom line

Long-term care insurance can help you plan for increasing healthcare costs as you age. But, it’s important to apply for a policy before you’re in your 80s. If you wait to apply, this type of insurance can become limited and cost prohibitive. If you wait too long, you may not qualify for coverage at all. Chat with a long-term care insurance expert now to learn more about your options



Read the original article

Leave your vote

Continue Reading

CBS News

Tim Walz says he had his dates wrong, admits he didn’t travel to China until August 1989

Avatar

Published

on


At his first campaign stop since the vice presidential debate, Tim Walz sought to clarify comments he has made about his travel to China and Hong Kong in 1989 as bloody pro-democracy protests took place. 

Walz admitted during the debate that he had previously misspoken in 2014 when he said he was in mainland China between April and June 1989, during the Tiananmen Square protests, which took place between April 15 and June 4 of that year.  After that concession, however, Walz repeated the mistatement, saying, “So, I was in Hong Kong and China during the democracy protests, went in, and from that I learned a lot of what needed to be in governance.”

Butan Alliance Times-Herald news report from May 1989 shows then-Staff Sgt. Walz was in the U.S. and toured a Nebraska Army National Guard armory. A news radio station also reported in another Nebraska newspaper in August 1989 that Walz said he would “leave Sunday en route to China,” which was after the protests. 

Responding to a question about his remarks from CBS News in Middleville, Pennsylvania, Walz corrected himself and admitted he had his dates wrong, adding that he needs to be clearer when he speaks. 

“So, my clarity, to take away from the message, is something I want to be very clear — August of ’89 into Hong Kong, into China,” said the Minnesota governor, who often talks fast and in shorthand.

Walz also clarified a verbal misstatement from the debate, when he said he was friends with school shooters. The moment was quickly seized upon by Republicans and former President Donald Trump, who posted on Truth Social about it. 

Walz, a former teacher and football coach, said that although he misspoke, it is “pretty damn clear” that he has stood with school shooting victims and passed legislation in an effort to curb such violence. 

In the same conversation at the debate on Tuesday night, Walz mentioned that his teenage son, Gus, was a witness to a shooting. On the campaign trail, Walz often says that even though he supports the Second Amendment, he doesn’t think that should allow children to be shot dead in the hallways. 

Walz’s rally Wednesday in York, Pennsylvania, was filled with supporters who defended him. 

“Who can remember where they were 30 years ago?” Joan Nagy, of Lancaster, Pennsylvania asked. 

“Anybody can make a mistake,” Les Ford said, adding, “When’s the last time you heard Donald Trump or his running mate correct themselves?”

After rolling into the rally on the Harris-Walz campaign bus to address a crowd of around 2,000, Walz leaned in further on his debate performance.

“Anybody watch the debate last night? Not bad for a football coach, huh?,” he quipped. 

“Now, look, there is a reason Mike Pence was not on that stage with me,” he said. Walz added, “I served with Mike Pence in Congress. We disagreed on most issues, but in Congress and as a vice president, I never criticized Mike Pence’s ethics and commitment to this country, Walz said. “And he made the decision for the Constitution. Mike Pence did his duty. He honored his oath, and he chose the Constitution over Donald Trump,” Walz said. 

“Senator Vance made it clear he will always make a different choice than Mike Pence made,” Walz said, referring to Pence’s refusal to give in to pressure by Trump to not certify the 2020 presidential election. Vance has said that he wouldn’t have certified the election, as Pence had, which Walz said “should be absolutely disqualifying if you’re asking to be the vice president of the United States.”

During their debate, “CBS Evening News” anchor Norah O’Donnell noted that Vance has said he wouldn’t have certified the last presidential election and would have asked the states to submit alternative electors, and she asked, “Would you again seek to challenge this year’s election results, even if every governor certifies the results?”

Vance did not directly answer, saying only, “What President Trump has said is that there were problems in 2020 and my own belief is we should fight about those issues, debate those issues peacefully in the public square.”



Read the original article

Leave your vote

Continue Reading

CBS News

How presidential immunity ruling impacts Trump’s election interference case

Avatar

Published

on


How presidential immunity ruling impacts Trump’s election interference case – CBS News


Watch CBS News



Special counsel Jack Smith’s unsealed court filing revealed new evidence in the federal election interference case against former President Donald Trump. Over the summer, the Supreme Court ruled that Trump has immunity for official acts conducted as president. CBS News legal contributor Jessica Levinson breaks down the decision’s impact on Trump’s case.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Israeli monument honors hostages as families celebrate Rosh Hashanah

Avatar

Published

on


Israeli monument honors hostages as families celebrate Rosh Hashanah – CBS News


Watch CBS News



Some families in Israel celebrated Rosh Hashanah Wednesday without their loved ones nearly a year after they were taken hostage by Hamas. CBS News senior foreign correspondent Elizabeth Palmer reports from the public plaza renamed Hostage Square in Tel Aviv. CBS News Digital international reporter Haley Ott reports on an Israeli family working to bring home their relative held hostage in Gaza.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.