One would never ask what the break even point for owning car insurance or homeowner’s insurance is. The term break even fosters a thought that this is an investment product into which you place money anticipating getting it back.

In the end, it is insurance and like all insurance products (if you really think about it) you really DON’T want your money back. You are always a whole lot better off if you never use it and let the other poor sufferer benefit from your pool of premium.

The best time to buy long-term care insurance is when you can still health qualify, have the funds to protect and to pay for this protection. If that’s your 50s (which is generally the best time) then what you are doing is “maximizing your buying power” … and that’s the best you can do.

Jesse Slome
American Association for Long-Term Care Insurance
http://www.aaltci.org http://www.aalitci.org/long-term-care-insurance/

Thanks for the kind words. Trust me your definitely not alone as far as not thinking about it. Being in your 30′s, that’s okay. If you can make yourself do it, long term care insurance is very affordable in your mid to late 40′s. It’s more commonly purchased in the 50′s to 60′s. I’ve tried to do some research as far as break even points, but it’s such an evolving issue, that has been difficult. Generally, I would say to look at purchasing it sometime in your 50′s, so you’ve got plenty of time

Obviously, having good medical insurance is most important. If you’re not yet able to retire, long-term disability insurance is the next highest priority (to help replace your income if you’re not yet able to work.) Thirdly, if you have dependents (children and/or a spouse/partner) who rely on your income, then adequate life insurance is the next highest priority. Lastly, if you’re not able to adequately contribute to your IRA’s/401k each year, then you should not be considering long term care insurance yet.

But, once those issues are in place, then one should seriously consider long term care insurance (regardless of their age), ESPECIALLY if they are married.

Scott A. Olson

Money Beagle’s last blog post..Good Thing For Savings

Knowledge is buying power!

Jesse Slome, Executive Director
American Association for Long-Term Care Insurance
http://www.aaltci.org

The funny thing about long term care insurance is that the price of a policy can vary a lot from one insurance company to the next. Each long term care policy has a different way of charging premium based upon health history, marital status, choice of benefits, and even state of residence. It pays to shop.

What most people don’t realize is that group long term care insurance policies are usually more expensive and have less benefits (particularly less benefits for home healthcare) than individual policies. It pays to shop and compare all types of insurance, but especially long term care insurance.

Scott A. Olson
http://www.LTCInsuranceShopper.com