Generally, financial planners recommend considering long-term care insurance if you own assets of at least $75,000 (this does not include your home or car); have annual retirement income of at least $25,000 to $35,000 for an individual or $35,000 to $50,000 for a couple; or are able to pay premiums without financial difficulty, even if premiums increase over time. Long-term care insurance is probably not for you if these factors do not apply to you.
Long-term care insurance can be expensive, depending on your age and health status when you buy the policy and how much coverage you want. Policy costs also vary according to the benefits you choose. It is better to buy long-term care insurance at a younger age when premiums are lower.
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