Do You Need Long-Term Care Insurance?
According to Kiplinger’s Contributing Editor, Kimberly Lankford, everyone who has enough money to afford the premiums should at least consider buying long-term care insurance, no matter how much savings you have. It is suggested that the best age to apply is between 50 and 65 years old. Remember though, premiums rise dramatically the longer you wait, or you could be denied all together. Sometimes it’s better to lock in a lower rate earlier.
Nursing homes can cost anywhere from $70,000 – $100,000 per year, and if your net worth is $75,000 to $3 million, long-term care can help protect your estate. If you have a net worth below $75,000, programs like Medicaid will pay your care as soon as your assets are depleted. If you have a hefty nest egg, it might be cheaper to pay out of pocket. Check with your financial planner or insurance agent for more details about your personal situation.
Also, consider if you have a family history of chronic memory loss, Parkinson’s, Alzheimer’s disease, dementia or stroke. Your chances are greater you will need long-term care at some point.
Looking for more in-depth information about long-term care insurance?
Visit Kiplinger’s Long-Term Care Center.
>> Do you have advice you could share with the community with regards to LTC?
Click ‘Reply’ above to add a comment.
Reply