The best time is in your 50s rather than you 60s or 70s.
Sixty percent of people who reach the age of 65 will need some form of Long Term Care during their lives.4 More than 80% of all people receiving Long Term Care assistance are not in a nursing home.5 Medicare will not pay for this type of need. Yet, the cost could easily exceed $89,000 per year.
Many of us would prefer to pass on our assets to loved ones than spend them on a nursing home or assisted living facility. Most of us want to be able to maintain our independence as long as possible and have a choice about when and where we receive care.
If you have not allocated some assets toward Long Term Care, you have essentially allocated all your assets toward Long Term Care.
Invest some time today learning about Long Term Care insurance. We can review the different options and help you pick the best plan for your needs.