Shane’s employer recently added optional long-term care insurance to the company’s benefits package. We’ve looked over the literature, and even though the premiums would be fairly low because of our age, we don’t think we want to buy policies.
Long-term care insurance pays for nursing home or in-home assistance if you need it.
My favorite financial adviser, Dave Ramsey, says to buy long-term care insurance when you hit age 60 and not before.
I wish he explained more why people shouldn’t buy it sooner. Perhaps he believes it’s best to focus your money toward getting out of debt and saving for retirement at that time.
We’ve decided to revisit the matter in 20-30 years. Our premiums would still be relatively low, and we’ll have a better gauge of how our investments and savings have performed.
Have you considered long-term care insurance? What did you decide?