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Considering long-term care insurance. Here’s what you need to know

  • May 16, 2023
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When building a robust plan for your life as you age, you will likely consider including long-term care insurance.

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Knowing when to invest in long-term care insurance is an important decision that can influence the security (and peace of mind) of retirees and their families.

Long-term care (LTC) insurance provides financial support for services like nursing home care, assisted living facilities and in-home care — items likely to become necessary as our bodies age and we need more assistance with activities for daily living.

So when is the right time to buy LTC insurance? The answer requires balancing three important factors: age, affordability and health.

Previous One Senior Place columns:

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Don Kramer is the CEO and Founder of One Senior Place, Viera and Greater Orlando.

Don Kramer is the CEO and Founder of One Senior Place, Viera and Greater Orlando.

Age

According to the U.S. Department of Health and Human Services, nearly 70% of Americans will need some form of long-term care in their lifetimes.

Generally, people who buy LTC insurance in their 50s and early 60s qualify for better rates and have a greater chance of acceptance, compared to those who apply later.

After approval and purchase, rates are locked in based on your age, making it cheaper to invest earlier.

Affordability

I won’t sugar coat it: long-term care insurance premiums can be expensive. But weigh those costs against the prospect of paying for long-term care out of your savings.

One strategy is to obtain a policy

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