Long-Term Care Insurance for Retired Seniors Over 65: Protecting Your Legacy

Long-term care insurance protects your family from having to tap into retirement savings or even mortgage your home to pay for care that isn’t covered by health care or Medicare. It allows you to enjoy your golden years and reduce the burden on those who care for you, and leaves a legacy that may even be passed on to your grandchildren.

Getting the right policy, though, requires an understanding of how these policies work and what options are available. As a result, it’s a good idea to consider purchasing a long-term care policy as early as possible in retirement. According to DHHS estimates, most 65-year-olds have about a 70% chance of needing long-term care at some point. Buying a policy sooner rather than later gives you the opportunity to qualify for a lower premium and to have more control over how your plan is structured.

When shopping for a long-term care policy, you’ll want to find a reputable insurer that offers affordable rates. It’s also important to look at a carrier’s financial strength ratings, customer service reviews and National Association of Insurance Commissioners complaint indices. Additionally, be sure to collect quotes that offer the same coverage parameters, such as length of care and elimination periods.

A RamseyTrusted local insurance pro can help you get the information and quotes you need to determine if long-term care insurance is right for your situation. They can take the time to sit down and explain all of your options, so you can choose a policy that best meets your needs.

In addition to traditional long-term care insurance Long-term care insurance for retired seniors over 65, you can also purchase a hybrid policy. These policies combine life insurance or annuities with long-term care benefits. They may require a single upfront payment or a premium that is spread over three to 10 years. They also typically come with a rider that allows you to transfer unused life insurance or annuity funds to your heirs, meaning you won’t have to worry about future premium increases.

As you prepare to retire, you’ve worked hard to build your wealth and establish a comfortable lifestyle. But it’s equally important to protect that wealth from unexpected costs, like long-term care expenses, so you can enjoy your golden years and leave a legacy for the next generation.

A RamseyTrusted local insurance expert can help you figure out the role long-term care insurance will play in your overall retirement plan. They’re vetted experts with the knowledge and resources you need to make an informed decision and will work with multiple companies to compare quotes to find the best policy for you.

For more information, contact a RamseyTrusted local insurance agent today.

*The financial industry’s term for a “long-term care” policy is a combination of life and annuity insurance that pays out a monthly income for the rest of your life or until you need long-term care. Typically, the premium is paid in one lump sum up front. These types of policies typically have less stringent eligibility requirements than other types of long-term care insurance.