What does Dave Ramsey say about LTC?
When Should I Get Long-Term Care Insurance? Dave suggests waiting until age 60 to buy long-term care insurance because the likelihood you'll file a claim before then is slim. About 95% of long-term care claims are filed by people older than age 70, with most new claims starting after age 85.
What are the disadvantages of long-term care insurance?
Long-term care (LTC) insurance has some disadvantages: * If you never need the coverage, you're out-of-pocket for all the premiums you've paid. * There is the possibility of premium increases in some plans. Once you've started, you must pay higher premiums or you lose the money you've already spent.
Is long-term care insurance a good bet?
LTC usually turns into a less-than-ideal investment at some point. The decision to buy is very individualized, and if you happen to use it early, it can be a good investment, because you have paid less premiums upfront and are using the benefits. The longer you take to use a policy, the lower the return on the policy.
What age is best for long-term care insurance?
The optimal age to shop for a long-term care policy, assuming you're still in good health and eligible for coverage, is between 60 and 65, financial advisers say. Couples might take a look five years earlier.