FAQ: At what age should I consider long-term care insurance?

Answer: This is an extremely common question amongst those near retirement. Most people planning for their retirement understand that we have programs such as Medicare to help with acute care. Essentially, if we get sick or hurt and need professional help to get better, all retirees are provided insurance to help cover those costs. However, what about care that is not designed to help us recover from an illness or injury? What about care that simply supports our regular activities of daily living such as bathing, eating, dressing, etc. that we may no longer be able to accomplish on our own as we become elderly. Unfortunately, there is no government program to support these costs (unless we are effectively out of money) and thus, can have a detrimental impact to our wealth and estate.

This is where Long-Term Care insurance can help. LTC is a policy, that when purchased, will provide funds to pay for either in-home or nursing facility care to help you with these activities of daily living.

When should you consider purchasing LTC insurance is a common question. Purchase this policy too early and you could be paying premiums for decades before there is a need. Purchase it too late and the premiums can be prohibitively expensive.

We typically recommend a 14-year window of purchasing LTC insurance. Look to purchase between the ages of 50 and 64 and you should find that happy medium. Most Zynergy members will shop for their policy between 55 and 60 and make a determination at that point whether LTC insurance is right for them.

Long-Term Care Insurance is an important policy to consider for your later years of life. Don’t wait too long to purchase or you could be priced out.