Mainstreet Financial Education · Long-Term Care
By 70, traditional coverage is usually gone, but planning is not. These are the conservative moves still open after the insurance window closes.
Traditional long-term care coverage is usually off the table by 70, but a real plan is not. These five moves stay available.
Set aside a dedicated pool for care. A common estimate puts the average near $135,000 per person, but a multi-year claim can run far higher, so plan around the larger number.
A line of credit, or selling and moving, is how many households pay. A reverse mortgage can work for care at home but comes due once you leave for a facility.
Wartime service can add a monthly benefit toward care costs. It remains one of the most underused benefits available, so it is worth confirming eligibility.
Medicare covers only up to 100 days of skilled nursing after a qualifying hospital stay, not long-term custodial care. Medicaid has spousal protections that let the at-home spouse keep a portion of assets plus the home.
If little else fits, short-term care policies still accept older applicants with simpler underwriting. They cover a limited period, often about a year, and are not available in every state.
Decide the order before a crisis does. Decide which assets pay for care, and in what order, before a crisis forces the choice. Then tell your family, since they are the ones who will act on it.
The plan matters more than the product.
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