Should You Buy Long-Term Care Insurance?

As you grow older, you may have long-term care needs that health insurance and Medicare don’t cover. Having long-term care insurance protects your retirement savings from being drained by those expenses.

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Expert opinions on when you should buy a long-term care policy is mixed. So when should buy yours?

The Mixed Opinion On LTC Insurance

On one side of the debate are many insurance experts and specialists on aging. They point out that as you grow older, the cost of a long-term care policy increases. Buying an LTC policy before you retire means paying less in premiums.

These experts recommend buying a policy about 10 years before you retire. For most people, that means buying it in your early-to-mid fifties.

Other people — particularly consumer advocates — point out that the premiums on an LTC policy will continue to rise as you get older. They worry that some people may no longer be able to afford their policies by the time they actually need them. And while a retiree with a policy that’s been in effect for 10 years may enjoy a lower premium than a retiree who just bought one, there’s no guarantee that lower premium will be affordable.

The experts with this point of view suggest waiting until retirement, and then shopping around for the best price on a policy.

If you can fit the cost of an LTC policy into your budget, it’s probably safer to buy one now. If you can’t, think about holding off until retirement. If you aren’t sure, talk with an agent.

What To Look For In A Policy

Before you buy a policy, there are two key things to look for:

• The kinds of care it covers. Policies can cover custodial care, in-home care, assisted living, and “continuing care retirement communities.”
• Inflation protection. Many LTC policies provide a fixed dollar amount of coverage — for example, a policy may cover $200,000 worth of care. But because of inflation, the $200,000 in protection you buy today will be worth less in 10 years. A policy with inflation protection makes sure you get you full money’s worth later on.

If you think buying a long-term care policy is a good idea for you, talk with our network of agents. They’ll help you sort out your options and buy the right plan. To get started, fill out this easy online form.