A. It's a bit early to buy LTC in early 40's, actually most people who purchase LTC insurance are in their 60's.
There are 3 reasons most people probably should not even buy LTC insurance.
1. Expensive and Increasing Premium
LTC insurance is not cheap, typically in the thousands per year, even though there is a very high chance you will never need to access it. Worse, unlike other types of insurance policies, LTC providers could increase their premiums as they find out their costs increase, which is exactly what has happened, and has driven lots of people to cancel their LTC policies after paying the premium for years.
2. Medicare Coverage
Medicare could cover up to 100 days of rehabilitation in a nursing home and some subsequent in-home care per hospitalization. As a consequence, most people, even with significant health issues, may never need to pay for nursing home care.
3. Life Insurance Rider
The life insurance trend is that more companies are adding LTC as a free rider to either Term Life policies or other types of permanent life insurance policies. As a consequence, if you need LTC when you get older, you could access your life insurance policy to use it; if you are fine in your life with no need for LTC, no money wasted.
The Bottom Line
With actual out of pocket cost could be much lower than one thought, and the LTC premium keeps rising, maybe self-insurance is the best option for most middle-class couples, or when you purchase a life insurance policy, add a LTC rider to it. Feel free to contact us if you want to know more such life insurance policies.