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When does it make sense to buy Long Term Care Insurance?

Is it a sound idea to purchase Long Term Care Insurance when I'm only 52 yrs old since most articles I'm reading say to wait until I'm 60; my insurance agent says it makes no sense to wait since the price will go up and I'll end up paying more over time; especially since I'm healthy now and who knows in 10 years what might happen. I am fortunate in that I do have a sizable pension but my agent says why spend all or most of your pension and savings on long term care considering there's a 50% chance I'll need it; just hard to commit to spending $3k to $5K /year for the rest of my life on something I may or may not need. Am I getting a genuine or hype sales pitch from my agent? Thanks!


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Please adopt a pet. We need you!

Sparky SnotsLicker. Charter Member of S.N.O.T.S.

I am a free spirit who is grateful for my life and freedom...today.

Christine Burgess

 

Ifaskowitz, Long term care insurance pays for your nursing home, should you need to live in one some day, or if you have to stay past your Medicare days.  That's it.  It saves you from having to pay your own way if you have the means to do so.  It saves you from having to sell your house, and spend your own money for your care, so you can leave it to your family some day.  If you are not loaded with money, I wouldn't buy it.  For what?  If you can't pay your nursing home bill, the government will pay your bill.  If you are pretty well off, then by all means, purchase it.  A person is allowed up to $2,000.00 of their own money to keep, before the nursing home takes the rest of it.  Bet your agent didn't tell you any of this.

Anna Sparky's Mom

 
Posted 2009-10-29T03:54:21Z
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