This is not an insurance site. This is a forum of Caregivers sharing our experiences.
72 is pretty old to start thinking of LTC insurance. Your premiums may be really high as they are with any insurance policy we get when we are older. We actually dropped a policy because as my DH aged our premiums went up. We actually had it to pay off the mortgage if my DH passed while we still had a mortgage and the girls were under 18. Once they were out of school and the mortgage was paid off, we dropped the policy.
You need to find an agent in ur State. You need to make sure there are cost of living clauses. Policies are based on what the daily rate of care is at the time the policy is written. You need a clause saying the cost of living will be considered at the time you start drawing monies. Will it pay for in home care? If so, can it be a certified aide you hire or does it need to be an approved agency? How does the provider get paid? Money is sent to your account or directly to the provider. You need to sit down with an agent and go over all the options. Then u may want to have a lawyer review the policy.
"Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage isn't an option. You won't qualify for long-term care insurance if you have a debilitating condition, and long-term care insurance carriers won’t approve most applicants older than 75. Most people with long-term care insurance buy it in their mid-50s to mid-60s."
"The cost of long-term care insurance varies widely, but the average 55-year-old man will pay $1,700 per year for a three-year policy that covers $164,000 in care. The average 55-year-old woman will pay $2,675 for the same coverage."
At 72 you probably could not get a policy. And if you could you probably don't need one because you have plenty of money that can be used for your care. If you want to set aside money earmarked for your care open up a separate account and deposit 10 to 15 thousand dollars a year to be used. (while I pulled to amount out of my head I pay 5000 per year and I got my policy when I was in my early 50's)
72 is pretty old to start thinking of LTC insurance. Your premiums may be really high as they are with any insurance policy we get when we are older. We actually dropped a policy because as my DH aged our premiums went up. We actually had it to pay off the mortgage if my DH passed while we still had a mortgage and the girls were under 18. Once they were out of school and the mortgage was paid off, we dropped the policy.
You need to find an agent in ur State. You need to make sure there are cost of living clauses. Policies are based on what the daily rate of care is at the time the policy is written. You need a clause saying the cost of living will be considered at the time you start drawing monies. Will it pay for in home care? If so, can it be a certified aide you hire or does it need to be an approved agency? How does the provider get paid? Money is sent to your account or directly to the provider. You need to sit down with an agent and go over all the options. Then u may want to have a lawyer review the policy.
Source: https://www.nerdwallet.com/article/insurance/long-term-care-insurance
"The cost of long-term care insurance varies widely, but the average 55-year-old man will pay $1,700 per year for a three-year policy that covers $164,000 in care. The average 55-year-old woman will pay $2,675 for the same coverage."
Source: https://www.ramseysolutions.com/insurance/long-term-care-insurance-cost
If you want to set aside money earmarked for your care open up a separate account and deposit 10 to 15 thousand dollars a year to be used.
(while I pulled to amount out of my head I pay 5000 per year and I got my policy when I was in my early 50's)