Tax and Money Tip of the Week:
Long Term Care Insurance – “The
Bottom Line” | May 22, 2013 | No. 138
A catastrophic injury or debilitating disease that requires you to enter a nursing home can destroy your best-laid financial plans. You will need to decide whether to take out a long-term care insurance policy that may cover nursing home care, home health care, adult day care, respite care, and residential care. If you decide to purchase such a policy, you’ll need to choose the best time to do so.
Typically, unless you have a chronic condition that makes you more likely to require long-term care, there is generally no reason to begin thinking about this issue before age 50. Usually, there is no reason to purchase such a policy before age 60, but it is less expensive generally in your 50’s.
Mark Vitek, CPA/PFS, CFP®
…until next week.