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Buying long-term care coverage in your 60s? 5 tips to compare policy options
Roel David Smart/Getty Images
Long-term care is costly and can easily eat into your budget as you age. In fact, according to 2023 data, even a shared room in a nursing home facility would cost you nearly $9,000 per month. And a traditional Medicare policy is, unfortunately, no help with these costs. A long-term care insurance policy is, though.
And while buying this type of coverage early is the best way to protect yourself, you may still want to purchase long-term care insurance well into your 60s. If this is the case, you’ll need to compare policies and insurers carefully, as options (and premiums) can vary widely as you age.
Start comparing your top long-term care policies online now.
Buying long-term care coverage in your 60s? 5 tips to compare policy options
Here’s how you can compare long-term care insurance policies successfully:
Understand your health risks
The first thing you’ll want to think about is your health — or any conditions that could impact your options or premiums.
“Many people 60 and over have a higher likelihood of being declined coverage due to complicated health conditions,” says Brian Gordon, a long-term care advisor and president at Gordon Associates. “The first step at any age is to be prescreened from a health standpoint.”
An insurance broker can help you with prescreening. “It helps us set realistic underwriting expectations,” Gordon says.
Whatever you do, make sure you’re honest with your agent about your health and medical history.
“Many people start developing all sorts of health issues in their 60s and you should always be very open with the agent about all medical issues,” says Mark Baron, owner of Baron Long Term Care Insurance. “If you can avoid getting declined by having your health issues out in the open, you will have more options later. It will also help the agent steer you to the correct plan that’s suitable for you.”
Find out what your best long-term care coverage options are now.
Read the fine print
Premiums are one thing to look at, but you should also consider the fine print of each policy you’re eyeing. First, understand the coverage details.
“Does the policy include in-home care, assisted living, or nursing home care?” asks Shinobu Hindert, a certified financial planner and author of Investing Is Your Superpower. “It’s important to understand what you’re buying so make sure you’re clear on the benefit triggers.”
You should also look at the benefit amounts, how long the benefits last and added features, like inflation protection, which ensures your policy “keeps pace with rising care costs,” Hindert says.
Look at the elimination period
Long-term care insurance policies usually come with elimination periods — essentially waiting periods until your benefits can kick in. It’s important to think about these when weighing policies, as you may need to cover any gaps out of pocket.
“Longer elimination periods usually result in lower premiums,” Hindert says. “But you should be prepared to cover care costs out-of-pocket during this period.”
You also might consider a short-term care policy to cover the gap. Talk to an insurance agent to see if this is the right move for you.
Research the insurer
Look into each insurance company you consider, too. Since you may not use your benefits for a few years (or even decades) down the line, you need to know the insurers will still be around and solvent enough to cover your claims.
“Do your due diligence on the financial stability of the insurer by looking at ratings from agencies such as A.M. Best, Moody’s, or Standard & Poor’s to ensure they can pay out future claims,” Hindert says.
You can also look up customer reviews, and check their rating with the Better Business Bureau.
“I prefer highly rated carriers that have multiple insurance product lines and therefore has a well-rounded business that could weather the occasional spike in long-term care claims,” says Joseph Gaj, director of insurance at Wealth Enhancement Group.
Get help
Asking for a professional’s help is always smart when it comes to health and retirement planning. An insurance agent can help point you toward the right products for your budget and goals, and they can also assist with comparing premiums, insurance companies, and coverage options.
“It’s imperative that the agent looks at more than one plan to compare, unless you have health issues that drives the decision towards one particular plan that may be the only one that would consider you,” Baron says. “Some plans are priced much better for younger people and other plans are priced better for older folks.”
You can also look at alternatives to long-term care policies if you can’t qualify — things like annuities, certain retirement accounts, or a health savings account. A financial pro can guide you toward the best solution for your specific scenario.
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Rep. Mike Turner says all “candidates need to deescalate” after Trump assassination attempts
Rep. Mike Turner, an Ohio Republican who chairs the House Intelligence Committee, responded Sunday to Eric Trump’s implication that his father’s Democratic opponents were responsible for the attempts on former President Trump’s life, saying the innuendo was “of course” inaccurate but political candidates on both sides of the aisle “need to deescalate” their rhetoric.
“No, of course not,” Turner said in his latest appearance on “Face the Nation with Margaret Brennan,” after being asked whether he believes there was truth to claims made by the former president, his son Eric, and his vice presidential running mate, Sen. JD Vance, at a rally where each either implied or suggested Democrats tried to kill him.
Trump returned Saturday to Butler, Pennsylvania, to speak to supporters gathered at the Butler Farm Show fairgrounds, the site of the July 13 assassination attempt against him. A gunman facing Trump on the podium at that rally opened fire into the crowd, grazing Trump’s ear, killing one attendee and injuring two others, according to authorities. The gunman was killed by a Secret Service sniper, officials said.
Another apparent assassination attempt happened in September when a suspect pointed a gun in Trump’s direction on the Florida course where he was playing golf. The FBI has opened probes into both incidents.
CBS News
Trump, his son and Vance all acknowledged the assassination attempt in Butler at Saturday’s campaign event.
“Over the past eight years, those who want to stop us from achieving this future have slandered me impeached me indicted me tried to throw me off the ballot and, who knows, maybe even tried to kill me,” said the former president, while Eric Trump claimed his father’s political opponents “tried to kill him, and it’s because the Democratic party, they can’t do anything right.”
Vance, in his remarks, addressed Trump’s Democratic challenger in the presidential race, Vice President Kamala Harris, and suggested that the Republican nominee “took a bullet for democracy.”
Brennan asked Turner: “You don’t mean to imply here anything that would suggest Eric Trump’s allegations that Democrats are trying to kill him?”
“No, of course not,” Turner responded. “But I do think that Vice President Harris needs to actively state and acknowledge that her administration is saying a foreign power, which would be an act of war, is actively trying to kill her opponent.”
The attempts on Trump’s life came after a citizen of Pakistan with ties to Iran was arrested and charged with allegedly planning a murder-for-hire scheme targeting Trump, among others. Although the timing of the charges coincided with the first attempt, there was no indication that the two incidents were related.
Turner criticized Harris for what he viewed as a failure to openly condemn the alleged plot.
“I think there’s certainly a role for her to play and for the president to play in this, in both identifying that there are threats against Donald Trump that need to be acknowledged and responded to, to deter,” he said. “I think all the candidates need to de-escalate, certainly in their language.”
But the congressman did acknowledge that a Biden-Harris Justice Department official, Matthew Olsen, the head of the national security division, said the U.S. government has been “intensely tracking Iranian lethal plotting efforts targeting former and current U.S. government officials — and that includes the former president.”
“I would say that we are very concerned — gravely concerned — about Iranian plotting,” Olsen told CBS News in a recent interview.
Hurricane Milton rapidly intensified into a Category 1 storm on Sunday, and it has set its path on Florida’s Gulf Coast.
Forecasters predict Milton will make landfall around the Tampa Bay area on Wednesday, bringing with it upwards of 120 mph winds and drenching an area still reeling from Hurricane Helene.
As of 2 p.m. ET on Sunday, Milton was centered about 290 miles west-northwest of Progreso, Mexico, and about 815 miles west-southwest of Tampa. It had maximum sustained winds of nearly 80 mph and was inching north-northeast at 6 mph.
Path of Hurricane Milton
A map from the National Hurricane Center shows Milton continuing to strengthen into a major hurricane as it approaches Florida’s western coast.
“Milton is forecast to rapidly intensify during the next couple of days and become a major hurricane on Monday,” forecasters said.
NOAA/National Hurricane Center
The storm is expected to remain north of Mexico’s Yucatan peninsula, with heavy rainfall expected as Milton makes its way northeast toward Florida. Tropical storm watches are currently in effect from Celestun to Cancún, Mexico.
NOAA/National Hurricane Center
The hurricane center said hurricane and storm surge watches could be issued for parts of Florida later Sunday.
Florida officials prepare for more impact
Florida Gov. Ron DeSantis said Sunday that while it remains to be seen just where Milton will strike, it’s clear that Florida is going to be hit hard. “I don’t think there’s any scenario where we don’t have major impacts at this point,” he said.
“You have time to prepare — all day today, all day Monday, probably all day Tuesday to be sure your hurricane preparedness plan is in place,” the governor said. “If you’re on that west coast of Florida, barrier islands, just assume you’ll be asked to leave.”
NOAA via AP
DeSantis expanded his state of emergency declaration Sunday to 51 counties and said Floridians should prepare for more power outages and disruptions, making sure they have a week’s worth of food and water and are ready to hit the road.
The Federal Emergency Management Agency, meanwhile, coordinated with the governor and briefed President Biden Sunday on how it has staged lifesaving resources.
“I highly encourage you to evacuate” if you’re in an evacuation zone, said Kevin Guthrie, executive director of the Florida Division of Emergency Management. “We are preparing … for the largest evacuation that we have seen, most likely since 2017, Hurricane Irma. “
As many as 4,000 National Guard troops are helping state crews to remove debris, DeSantis said.
“All available state assets … are being marshaled to help remove debris,” DeSantis said. “We’re going 24-7 … it’s all hands on deck.”
An American climber was rescued after she and another alpinist from the U.K. were stranded for two days at more than 20,000 feet in the Himalayan mountains.
Michelle Dvorak, 31, and Fay Manners, 37, went missing on Thursday after their equipment and food tumbled down a ravine while trekking up India’s Chaukhamba mountain, CBS News partner BBC reported.
The pair sent an emergency message but search and rescue teams were unable to find them.
INDIAN AIR FORCE/Handout via REUTERS
Manners told the BBC they were “terrified” as they tried to make part of the descent down the treacherous mountains without supplies.
“I watched the bag tumble down the mountain and I immediately knew the consequence of what was to come,” she said. “We had none of our safety equipment left. No tent. No stove to melt snow for water. No warm clothes for the evening.”
The terrifying ordeal intensified when it started to snow. They took cover on a ledge while waiting for rescuers.
“I felt hypothermic, constantly shaking and with the lack of food my body was running out of energy to keep warm,” Manners said.
The rescue was made difficult because of the conditions, including bad weather, fog and high altitude.
“The helicopter flew passed again, couldn’t see us. We were destroyed,” Manners told the BBC.
INDIAN AIR FORCE/Handout via REUTERS
On the second day, the pair began to cautiously abseil down the mountain. They spotted a team of French climbers coming toward them. Manners said they shared their equipment and food and contacted the helicopter company with an exact location.
“I cried with relief knowing we might survive,” she said.
The Indian Air Force said in a post on the X social media platform that their helicopter airlifted the climbers from 17,400 feet after “battling two days of bad weather.”
Chaukhamba is a mountain massif in the Garhwal Himalaya in northern India.
