Watch CBS News

Does long-term care insurance still make sense for 75 year-olds?

There are several reasons long-term care insurance may still make sense at age 75.  Maskot/Getty Images

Deciding whether to purchase long-term care insurance in your 50s may be a relatively easy decision to make. At that age, insurance premiums may still be affordable, and at a younger age, you're more likely to qualify for coverage. 

But as you age, the average cost of long-term care insurance tends to increase in tandem. At age 75, premiums can be thousands of dollars per year. And, considering the cost, you may wonder if long-term care insurance makes sense. 

So, does it still make sense to look for long-term care insurance coverage at age 75?

Don't wait to get the coverage you need. Compare your long-term care insurance options now

Does long-term care insurance still make sense for 75 year-olds?

"I talk to people weekly who feel at an older age it is too late to prepare for a plan," says Rhonda Bills, an instructor with Certification for Long-Term Care (CLTC), a training company that certifies long-term care insurance agents. "The good news is today we have so many more solutions that do not involve traditional underwriting." 

So, Bills says, there's no reason "not look into a solution." 

Here are three good reasons to compare your long-term care insurance options at age 75:

Chances of needing care will be higher

Statistics show that nearly 70% of adults ages 65 and older will need some form of long-term care during their remaining years. And, it becomes increasingly more likely that you'll need long-term care as you age. 

So, at 75 years-old, the chances that you'll need long-term care are greater than they were when you were younger. Long-term care insurance can help you better afford that care if the need arises. 

Get long-term care insurance today to make sure you have access to the care you may need later

Long-term care costs may threaten your estate

Long-term care insurance costs are calculated based on factors like your age, sex, health and the amount of coverage you need, and can be thousands of dollars or more per year for a 75 year-old. While that may seem expensive, it could be more affordable than paying for the cost of care out of pocket. 

For example, some types of long-term care can cost more than $100,000 per year on average. If you don't have long-term care insurance to cover this expense, it could have a detrimental impact on your estate. 

After all, at age 75, you may be retired and living on a fixed income. If that's the case, and significant long-term care expenses arise, you may need to tap into your assets to cover the costs. In turn, the need for long-term care could have a significant impact on what you're able to leave behind for your loved ones when you die. 

Insurance also protects your loved ones

Many seniors plan to age at home and depend on their family members for care. But relying on your family for care could be impossible if you develop a condition that requires round-the-clock care. 

Even if your loved ones are eager to help, they may have a spouse, children or career of their own to maintain. And, dedicating their time to your care could have a detrimental impact on their earnings or ability to maintain other relationships. 

But long-term care insurance may be able to help, as this type of coverage typically covers the cost of adult day care services. It may also pay for home health aides when family caregivers are unavailable for an extended period. Some policies may even pay family caregivers for the services they provide. 

The bottom line

Long-term care insurance is an important consideration when you're younger, but it may also be important to consider at age 75 (or older). After all, as a 75 year-old, you have a higher chance of needing long-term care, and the cost of this care could detrimentally impact your estate and the well-being of your loved ones. But the right long-term care insurance policy could help resolve these types of issues and make long-term care more affordable, even at age 75. Get started and compare your coverage options now

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.