Evaluating Long-Term Care Insurance in Your 70s: Should You Cancel?

Wednesday, 31 July 2024, 13:30

Two retirees, after 25 years of paying into long-term care insurance, now face a steep premium of $500 per month. Having already invested $72,000 in the policy, they are confronted with impending future increases and must weigh the benefits of continuing vs. canceling their coverage. This article delves into the critical considerations seniors should assess when deciding on long-term care insurance in their retirement years.

Yahoo Finance — Evaluating Long-Term Care Insurance in Your 70s: Should You Cancel?

Long-Term Care Insurance Costs

After 25 years of investing in long-term care policies, a couple in their 70s faces soaring costs.

Current Premiums and Total Investment

Monthly premium has risen to $500.
Total premiums paid amount to $72,000.

Factors to Consider

Future premium increases.
Potential need for long-term care services.
Financial implications of canceling the policy.

Conclusion

As they weigh their options, the couple must carefully consider both their financial investments and potential future needs.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Long-Term Care Insurance Costs

Current Premiums and Total Investment

Factors to Consider

Conclusion

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