Long-term Care Insurance

Long-term care insurance is one of the most effective ways to protect your financial well-being when you or a loved one needs care. Policies can be customized to meet a variety of care needs. And, because monthly premiums are known in advance, they can be built into a budget. Purchasing your plan early (and making sure that you understand the policy’s terms) helps you be prepared: The need for long-term care often arises when you least expect it.

This is not a practical option for those who require immediate care: insurance companies typically won’t accept elderly applicants in need of care. Even in situations where they do, premiums would be extremely expensive.

When to Buy a Long-Term Care Insurance Policy

Assuming that you’re still healthy and eligible for coverage, the ideal age to start shopping for a policy is between 60 and 65. This helps to make your policy purchase as cost-effective as possible.

• Buying long-term care insurance can be overwhelming: There are big decisions to make and lots of fine print legalese to understand.
• It’s in your best interest to talk with a financial adviser before purchasing a policy to make sure you understand its terms – and that its terms are tailored for your needs.