Did You Know?
Consumers who have assets that they want to protect should become educated about long-term care issues and consider purchasing long-term care insurance. We define the market for long-term care insurance using two factors: health and wealth.
This insurance is available to adults between the ages of 18 and 85 depending on the product and insurance company. The ideal age to buy long-term care insurance is between 45 and 65 for two reasons: insurability and affordability. At younger ages the premiums are less expensive and we tend to be healthier than in later years.
Consumers with assets between $50,000 and $5,000,000, excluding their homes, should seriously consider purchasing long-term care insurance. In this wealth range, an average long-term care event could impact the family’s wealth and standard of living.
