Long-Term Care Insurance
Hi Terry
Is LTC insurance a good investment? I have no biological children, only step-children and am unsure if I should be investing in this for my future. I am 43. If I should be, when should I start?
Thank you!
Terry Says
Long Term Care Insurance is not an “investment” in the traditional sense. But it is an investment in peace of mind. Hopefully this will be an issue that is way down the road, since most people need this kind of “custodial care” (which is not covered by Medicare or any other health insurance) until they are later in life.
But an accident or a stroke could at any age trigger the need for long term care. And if you are alone, then it might be good to know that you can afford care under those circumstances.
Please read this article: https://www.terrysavage.com/long-term-care-insurance-the-latest/
It will explain a new way to buy this type of insurance, guaranteeing that the premiums cannot go up. Instead, over a period of say 10 years in your case, you purchase life insurance that has a long-term care insurance “rider.” The care coverage portion adjusts upward with inflation. And if you do not use the care portion, it will leave a death benefit to a beneficiary you name (and can change at any time).
This is a bit unusual at your age, so please let me suggest my own trusted long term care insurance expert, Brian Gordon at Gordon Associates — 800-533-6242, in the Chicago suburbs. You do not have to use my name, as I get nothing out of this recommendation except the knowledge that you will be well and fairly advised.
