Why seniors should buy long-term care insurance and Medicare supplemental insurance, according to experts

As seniors age out of the workforce, they'll have to decide which priorities are most important, as their income will typically be more limited than it was before retirement. According to the Pension Rights Center and the Pension Policy Center, the median annual income in 2022 for people 65 and older was $29,740. In turn, seniors might need help choosing between different types of insurance coverage, as not all will be worth the extra money.

'Wealthy seniors may choose to forgo paying for LTC insurance and instead pay for nursing home care, personal care at home, a stay in assisted living facilities and adult day care out-of-pocket,' Loverde says. If you have the funds to pay for certain services, you may not need to buy an extra insurance plan.'The only time someone would not need Medicare supplemental coverage is if they had credible coverage elsewhere such as VA, Tricare or a retiree program,' Pickner says.

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