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When Should I Purchase Long-Term Care Insurance?

2011 April 30

Dave strongly recommends that people 60 and older have long-term care insurance (LTC). He does not consider it a good buy or important to have prior to that time, especially if it siphons money away from more important financial priorities. It just doesn’t make sense to pay that cost if you still have debt, an insufficient emergency fund, are slacking on your retirement savings, or working toward other financial goals. Once you turn 60, you need to work this cost into your budget.

One of the primary reasons for LTC is that nursing home healthcare needs can financially drain a family’s savings and have a detrimental impact on your financial lifestyle. There are many companies that specialize in these types of plans, so shopping around can be very beneficial in getting affordable long-term care insurance. Coverage can be expensive, but there are ways to cut some corners and make sure that you are not paying more than necessary.

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