Long Term Care Insurance
Long-term care is typically needed by the elderly, but it is also required by anyone with a debilitating illness or injury who needs assistance to perform everyday functions, such as feeding oneself, bathing and getting dressed.
Like other services covered by insurance, long-term care insurance must be purchased before the insured requires the services covered under the policy. This means that many individuals will purchase the policy and never benefit from it. The likelihood of this happening is greater among younger individuals, whose chances of requiring long-term care are lower. Consequently, some financial professionals recommend that only individuals closer to ages 50 to 65 purchase long-term care insurance, as these individuals are more likely to benefit from the purchase of a policy.
If you are employed, you may want to check with your employer regarding coverage, as most employers provide long-term care insurance for their employees, and some will even extend coverage to parents of their employees. If you are already covered under an employer-sponsored policy, then you may not need to purchase a separate policy until after you retire.