LTC Insurance for You?

Physician's Money Digest, March15 2004, Volume 11, Issue 5

Consumer Reports(CR)

CR

Some insurers are pushing long-term-care(LTC) insurance to prospects in their40s, which is a bad idea, according to arecent study from . The pitch is that premiums growlarger the longer you wait, but the report notes that many people wouldhave trouble paying hefty premiums forcoverage they may not need for years.Plus, there's no guarantee that the companythat issues the policy will bearound to pay the nursing home billsthat come due several years in thefuture. Other financial advisors thinkLTC insurance is a good idea, but suggestwaiting until you are around age 60to buy a policy. This helps balance thehigher premiums against the increasedrisk that you will need LTC.