You Should Buy Long Term Care Insurance when you’re young and in good health. But most Americans under the age of 50 consider it too early in their life for consideration because of other more pressing midlife financial events or commitments to come. The general rule of thumb is age 50, but most purchase at age 60. A 60 year old nonsmoking male and female in good health will pay $300 a month for a long term care insurance policy.
Long term care insurance (LTCi) is part of retirement planning. The total medical cost during retirement is $250,000. Some of that expense could be LTCi assisted living or nursing home care. If you have discretionary dollars, it is recommended to purchase an LTCi policy to the maximum allowable benefits before age 65.
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Long term care insurance (LTCi) is part of retirement planning. The total medical cost during retirement is $250,000. Some of that expense could be LTCi assisted living or nursing home care. If you have discretionary dollars, it is recommended to purchase an LTCi policy to the maximum allowable benefits before age 65.