CBS News
How to cut the cost of long-term care insurance in your 70s
Maskot
If you’re shopping for long-term care insurance (a type of insurance that covers the cost of services like nursing homes, assisted living facilities and home health aides) in your 70s, you may need to overcome some challenges. Insurers have to think about the risk associated with offering new policies. And since most people over 65 will need some form of long-term care before they die, that risk to the insurer is higher when you’re in your 70s than it is for younger applicants.
Considering this increased risk, the rejection rate among long-term care insurance applicants is about 50% at 70 years old. And, if you do have access to coverage, it may be costly. But the good news is that there are ways to cut that cost, even if you’re purchasing long-term care insurance in your 70s.
Compare your long-term care insurance options now.
How to cut the cost of long-term care insurance in your 70s
Are you worried about high long-term care insurance premiums in your 70s? Here are a few ways you may be able to cut your cost.
Apply now
If the cost of long-term care insurance is a concern, it’s important that you apply for coverage as soon as possible. With risk to insurers playing a significant role in premiums, and your risk of needing long-term care growing with age, the premiums you qualify for today could be the lowest long-term care insurance premiums you’ll ever have access to again. The longer you wait, the higher your premiums may get.
Don’t wait until coverage becomes too costly. Apply for long-term care insurance now.
Think of long-term care insurance as a supplement
At first glance, you may think of long-term care insurance as a way to pay for 100% of the cost of your care. But you may not need your policy to cover all of those expenses. If you have retirement income, you may be able to use a portion, if not all, of that income to help reduce costs. And that could reduce the total coverage you need.
For example, say you have $55,000 per year in retirement income, but you also have $20,000 per year in costs you need that income to cover. That leaves $35,000 per year in retirement income that you can use to fund a portion of your long-term care expenses out of pocket. So, in this example, you’ll need $35,000 less coverage per year, which may produce meaningful savings in your monthly premiums.
Shop around
Keep in mind that insurance companies are their own entities and they’re free to charge whatever premiums they see fit for the coverage they provide. So, it’s advantageous to compare your options.
“Shop around and compare quotes,” says Justin Stivers, financial advisor and founding attorney at the estate planning law firm, Stivers Law. “Take the time to research multiple insurance providers and obtain quotes from different companies. This can help you find the most competitive rates and coverage options tailored to your needs.”
Don’t purchase coverage you don’t need
As you shop for long-term care insurance, you’ll come across several coverage options and customization opportunities. For example, some long-term care insurance policies limit your coverage to formal care. While there may be other policies that make it possible to pay informal caregivers like friends and family members, the additional cost associated with those policies may not be worth the benefit if you don’t already plan on leaning on this type of caregiver as you age.
Also, you should carefully consider the cost of riders before you add them to your policy. For example, you may learn that a return-of-premium rider can pay your beneficiaries the premiums you paid for your insurance if you don’t use it before you die. Though this may sound like a compelling option, these riders can make a meaningful difference in your monthly premiums – and foregoing them may be a wise option if you’re interested in securing the lowest premiums possible.
The bottom line
Long-term care insurance can be costly when you’re in your 70s. But that doesn’t mean you should go without the coverage you need. There are a few things you can do to cut the cost of your long-term care insurance premiums, even after you turn 70 years old.
First and foremost, apply today. Since long-term care insurance premiums typically rise with age, the price you qualify for today may be the best price you’ll ever have access to again. Also, think of long-term care insurance as a supplement to your retirement income when you need care, rather than the sole source of funding your care. And, avoid riders and policy customization opportunities that either don’t apply to you or are simply too costly to consider when you need affordable premiums.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
Getty Images
The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
Nic Antaya/Getty Images
The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.