At what age should I consider buying long term care insurance?
An oft overlooked, but important insurance product that has the ability to protect us from a reasonably likely and fiscally devastating event, Long Term Care insurance seems like something I am out to be seriously considering at some point, but when?
I'm sure it gets more expensive as I get older, but seems like a waste of money if you buy it too early. Does anybody here have any advice/reasoning for what the age sweet spot is for buying this type of insurance?
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I will be very interested in this subject as well in a few years. So far what I found is from an excellent article at the Motley Fool. Basically if you have between 0,000.00 and ,500,000.00 in assets you should consider long term care insurance around age 55. Less than 0,000.00 and you will most likely qualify for some government hand out. More than 1,500,000.00 and you can self insure. Here is the article I found. Fool article
There is no perfect age. Factors that I consider important are,
Perfect age for the long term care insurance is after you retire. When you are working, you do have insurance provided by your employer.
It also depends on your assets. If you have assets in excess of 0,000 then you will less likely get any government assistance.
In general, age between 60 and 65 would be perfect for the long term care insurance.
You could slip and fall in the shower tonight. Or you might never need it.
Insurance is a hedge against risk. If the event has already occurred, you're uninsurable.
If you and others would suffer if you have a bad accident and can't work, get it now.
My understanding is that age 60 is the magic time to buy Long Term Care Insurance. Younger and you'll save little to none on premiums and statistically never use it before age 60. Older and it becomes more expensive and more likely that you won't qualify.
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