When to Purchase Long Term Care

You know you’re getting old when….AARP emails you about becoming a member.

Of course, they’re a decade too early, but I guess they like to prepare ahead of schedule. Next decade (which sometimes sounds very far off yet sometimes sounds much too close!) I’ll be investigating long term care options. I don’t intend to get sick as I turn 50, but at the same time who knows what the next 10 years may bring. Which brings me to the subject of Long Term Care.

I have a little knowledge of how Long Term Care (LTC) works. My experience is really through someone else, so it may not cover everyone’s experience, the differences between LTC plans, or current LTC insurance plan costs. This particular person purchased LTC in their 50’s for under $200 a year and qualified for part-time in-home assistance. The LTC company would reimburse this individual up to $1,000 a month for any health-related services like assisting with dressing and administering a B-12 shot. It helped cover everyday medical expenses that her health plan did not cover. She eventually exhausted her benefits for the period of time she used them, but had the option to update and continue her plan at a different rate.

My take-away from this person’s experience was that it makes sense to purchase LTC in your early 50’s (or right at 50) to take advantage of the lower premiums. I’m a proponent of having ample insurance, so LTC is something I will be investing in myself when the time comes. Some LTC plans cover in-home care and most cover nursing home care. No one wants to imagine themselves wasting away in a dreary nursing home, but LTC insurance provides the ability to make quality choices later in life.

Is Long Term Care something you would be interested in later in life?