Healthy today does not mean healthy tomorrow. Statistics will bear out that a large percentage of our population will need long-term care services at some point in the future. According to LongTermCare.gov, 70% of people turning age 65 can expect to use some form of long-term care during their lives.
I have always been a big proponent of long-term-care insurance. I have witnessed first-hand the rapid depletion of assets when an individual does not have adequate medical coverage and then experiences a significant health issue. If you can self-insure that’s great, but for most people, it’s not an option. If you’re around 45 years of age, start doing your homework on the different plans available (including through your employer) and costs you may be looking at for a long-term health-care policy. By 50 years of age, you may want to consider purchasing a policy that would complement your financial plan.