Dear Friends,

My friend Mary always thought she had time. 

At 67, she was active, independent, and still traveling a few times a year. Long-term care insurance had come up in conversation more than once—usually at lunch with me—but it always felt like something to “get to later.” 

Then her husband, John, had a mild stroke. 

He recovered well in many ways, but not completely. Within months, Mary found herself helping him dress, managing medications, and coordinating doctor visits. Eventually, they needed part-time help at home. Then more help. 

At lunch one day, she said to me,
“I wish we had looked into long term care sooner.” 

Mary is not alone.  My colleagues in the long term care insurance business tell me that it’s something no one wants to think about until “later”.  We’re a death denying society after all.  

At Sterling, we’ve offered long term care insurance to our work family, until our insurance carrier was forced to stop offering services.  Many carriers that once offered traditional long-term care policies have exited the market due to rising claims costs, longer life expectancies, and challenges in predicting future healthcare expenses. 

Why Long-Term Care Planning Matters

According to industry studies, a significant percentage of individuals age 65 and older will require some form of long-term care during their lifetime. Care may include: assistance with daily activities such as bathing, dressing, and eating’ in-home care services’ assisted living facilities‘ and memory care services for cognitive conditions. 

As my friend Mary has learned, the costs associated with these services can be substantial and may continue for several years. 

Is It Difficult to Obtain Coverage After Age 65?

The answer depends largely on an individual’s health. 

Many insurance companies continue to issue long-term care coverage to applicants in their late 60s and even into their 70s. However, approval is no longer based solely on age. Insurers carefully evaluate: current health status, prescription drug history, medical conditions, and cognitive health.   

Applicants who are generally healthy may still qualify for favorable coverage options after age 65. Those with significant medical conditions, mobility limitations, or cognitive concerns may face higher premiums, modified benefits, or potential declines. 

Emerging Trends in Long-Term Care Planning

Today’s long-term care planning extends beyond traditional insurance. My friend Mary has options like the following: 

  • Hybrid life insurance and long-term care policies 
  • Asset-based long-term care solutions 
  • Annuities with long-term care riders 

The right approach depends on personal health, financial resources, family circumstances, and retirement objectives. 

Mary asked me to emphasize that the point of all this is to think about this now, not later! 

With my best wishes, 
Cora