Last week in a client meeting we fielded a not-uncommon question: ”When should I think about buying long-term care insurance coverage?”
The answer is a two-parter.
First, the potential expense of a long-term care event to both spouses should be built into a retirement plan from the outset and planned for.
Second, if meeting the cost of care includes purchasing a long-term care insurance policy of some sort, we recommend starting mid-to-late fifties. That being said, every year you wait is a year that you are at risk of a potential health situation impacting your underwriting and either increasing your premium or eliminating you from consideration of coverage. This isn’t a scare tactic, but a very real possibility that should be weighed.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/ SIPC.
This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.