Widow in 70s Weighs Cutting $12K Annual Long-Term Care Insurance Amid Health Concerns
NEW YORK – A 70-year-old widow is grappling with a difficult 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 rising cost of insurance with potential health risks adn the need to protect retirement savings.The reader, who recently received a diagnosis of high blood pressure, questioned whether maintaining the expensive policy is worthwhile given potential health issues that could impact her future care needs. Long-term-care insurance is designed to cover costs associated with assisted living, nursing home stays, and in-home care – expenses that can quickly deplete savings. However, premiums are steadily increasing, and policies are becoming harder to obtain, leaving many to reassess their coverage.Financial advisors emphasize the importance of considering individual health factors, family history, and financial resources when making such decisions. “None of us wants to fiddle with our finances while neglecting our health,” writes MarketWatch’s Moneyist columnist Quentin Fottrell. “A vigilant Moneyist reader is,hopefully,a healthy Moneyist reader.”
The decision is further complex by lifestyle factors like stress, anxiety, lack of sleep or exercise, and genetics, all of which can contribute to health problems and possibly trigger the need for long-term care. While long-term-care insurance can provide peace of mind, it’s a balancing act, and enjoying good health while possible is also crucial.
