Long-term care insurance can help pay for so-called “custodial care” services, which are often not covered by Medicare - but the longer you wait to buy a policy, the more expensive it’s likely to be.
It’s something to start thinking about even prior to age 50 because the cost of long term care becomes more expensive as you grow older.
According to 2012 data from the American Association for Long-Term Care Insurance, a couple taking out a policy at age 55 will pay an average of $2,466 a year, while a couple who waits until they’re 60 will pay $3,381. But some health conditions—a stroke or metastatic cancer, for example—can make you ineligible to purchase such a policy in the first place. So it can be wise to look into a policy now, while you’re in good health.
Next issue, empty nester, or not?