Planning for long term care should be on everyone’s retirement checklist, but when is the right time to start?
The short answer is: right now. Long term care expenses in the United States are high, and delaying having a good plan could significantly affect your finances. What makes matters more troubling is that family members also find themselves at risk financially after they take the responsibility of paying for the care.
If you’re considering purchasing a long term care insurance policy, it is advisable to start shopping in your 50s to early 60s to qualify for the best rates on coverage. However, purchasing until later on in life is still possible. You just have to be aware of your finances and your health status.
There’s no single way to plan for long term care because each of us will face unique circumstances and have different preferences. How you prepare is up to you. It is, however, best to know all of your options before making decisions.