Widow in 70s Weighs Dropping $12K Long-Term Care Policy Amid health Concerns
NEW YORK – A 70s-aged widow is grappling with a arduous financial decision: whether to discontinue a long-term care insurance policy costing $12,000 annually, notably as she faces newly diagnosed high blood pressure. The situation highlights a growing dilemma for seniors balancing the cost of aging with potential healthcare needs and financial stability.
The reader,who recently shared her concerns with MarketWatch’s “The Moneyist” columnist Quentin Fottrell,is navigating the complexities of long-term care planning while acknowledging the importance of prioritizing current health. Fottrell emphasized the need for a complete health assessment to identify potential issues-like high cholesterol-or lifestyle factors such as stress, anxiety, lack of sleep or exercise, or genetics that could impact future health and care needs.
long-term care insurance is often considered a crucial component of retirement planning, protecting assets from the potentially devastating costs of nursing homes, assisted living, or in-home care. However, premiums can be ample, and policies don’t always cover all expenses. The decision to maintain or cancel a policy requires careful consideration of individual health status, financial resources, and option planning strategies.
Fottrell advises a “vigilant Moneyist reader is,hopefully,a healthy Moneyist reader,” suggesting a proactive approach to health management alongside financial planning. He notes long-term-care insurance is a “balancing act” and encourages enjoying good health while it lasts.
