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When purchasing an insurance policy, the timing surrounding an application is critical to get right. If you apply too late, you may get stuck paying a higher premium for limited coverage. But if you apply too early, you may find yourself paying for coverage you don’t need and won’t use. This consideration is especially important for seniors, many of whom may be reliant upon a limited budget made up of Social Security, retirement funds and annuities. And for seniors, waiting could prove to be costly as premiums rise and coverage options become more restrictive.
In the final weeks of 2024, then, many would benefit from exploring their insurance policy options right now, before premiums have a chance to tick up again in a new calendar year. Below, we’ll break down three important insurance types seniors should consider buying now, before 2025.
Start by getting a long-term care insurance price quote here.
3 important insurance types seniors should buy before 2025
Here are three insurance policies seniors should start exploring now, before January 1, 2025.
Long-term care insurance
Long-term care insurance can help cover the costs of in-home caretakers, assisted living facilities and nursing homes – all of which are already high and expected to increase in 2025 and beyond. It makes sense, then, to explore this unique insurance protection now, before your next birthday, at which point premiums may become more expensive and coverage more limited. This is why even those in their 50s and 60s should consider a plan, even if they may not require the use of a plan immediately.
Learn more about your long-term care insurance options online now.
Medicare supplemental insurance
Amid the start of open enrollment season, many seniors may be surprised to learn what their Medicare coverage does (and doesn’t) provide. For many, it can make sense to pursue a Medicare supplemental insurance policy, too. Also known as Medigap for its ability to cover the coverage gaps left by regular Medicare, this insurance type can be the difference between getting stuck with copayments, deductibles, and other out-of-pocket costs and not. Consider exploring your options, then, to determine if a Medicare supplemental plan can be valuable for your circumstances.
Review your Medicare supplemental options here.
Life insurance
There’s a popular conception that life insurance isn’t valuable for seniors. But it can still provide multiple benefits, often at a reasonable price point. You can potentially get six-figure coverage for a monthly payment of less than $200 a month – and that can be used in any number of ways from leaving an inheritance for beneficiaries to paying for end-of-life expenses and more. The older you are, however, the more difficult it will become to secure a cost-effective and valuable policy, so it’s worth getting started now, before 2025, when a new calendar year could make you more costly to insure.
Get a free term life insurance price quote online now.
The bottom line
Long-term care insurance, Medicare supplemental insurance and life insurance can all be valuable for seniors, especially if they time their application appropriately. That said, these all will come with additional monthly costs, so it’s critical to weigh the value of each versus what a provider would charge. By doing so, seniors can secure critical financial protection to start 2025 and in the years to come.
