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3 long-term care insurance moves to make before you're 75

Long-term care insurance can help cover the cost of in-home caretakers. Maskot

With the high cost of many products and services thanks to inflation and higher interest rates, it's critical to do everything you can to protect your finances. This is especially true for seniors, who will need to deal with rising healthcare costs in addition to their everyday living expenses. With a limited budget made up of retirement savings and other funds, these seniors should explore alternative ways to protect themselves and their families.

One effective way involves purchasing long-term care insurance. This type of insurance can help cover the costs of nursing homes, assisted living facilities and in-home caretakers. But, like all insurance policies, the timing of one's application is key. The longer you wait, the more problematic it will become to secure cost-effective and valuable coverage. 

To that end, there are some long-term care insurance moves seniors should consider making before they hit their 75th birthday. Below, we'll break down three of them.

Start exploring your long-term care insurance options online today.

3 long-term care insurance moves to make before you're 75

Here are three long-term care insurance moves to make before your age becomes a bigger factor.

Get started

If you don't yet have a long-term care insurance policy in place then don't hesitate to get started. If you wait, prices will rise and coverage options may be limited. And, if you wait into your 80s, you could jeopardize your eligibility altogether (85 is generally the age limit for most policies). 

But if you apply now you'll be in a better position to secure reasonable rates for comprehensive coverage. The sooner you apply (you can even act in your 40s and 50s), the better you'll be. And you'll have more time to shop around to find the best provider for your specific needs.

You can shop for long-term care insurance policies here now.

Understand why you need a policy

Long-term care insurance policies are flexible and can provide multiple benefits. From covering the costs of nursing homes and assisted living facilities to in-home caretakers (and paying for family and friends to provide that support), long-term care insurance policies can be advantageous for multiple applicants. But what do you need a policy for, specifically? Are you planning on aging at home or are you comfortable moving to an assisted living facility or nursing home during your golden years? 

By better determining what you need a policy for, you'll better be able to build a personalized one for you and your loved ones (if applicable). So first take the time to understand what you're trying to accomplish.

Read the fine print

While long-term care insurance can cover the costs of the aforementioned services, it can also offer more nuanced, specific care that could be attractive for certain candidates. Cash policies, for example, will provide policyholders with a cash benefit that they can then use to pay caretakers directly. 

But there are other, surprising items a policy can help with, too, like home renovations and alternative therapies that may not be covered by your traditional health insurance policy. So don't hesitate to read the fine print and explore all coverage options. By doing so before you hit 75, you'll better position yourself to take advantage of all that a robust long-term care insurance policy offers.

Get started here today.

The bottom line

Long-term care insurance offers valuable financial protection, particularly in today's unique economic climate. But the benefits are timely and those considering a policy should strongly consider applying before they're 75. So, get started now and understand exactly what you need a policy for. And be sure to read the fine print to better secure a personalized policy for your long-term goals. By making these moves now, you'll improve your chances of securing quality long-term care insurance both now and in the months and years to come.

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