Long-term care insurance: who actually needs it
The age, health, and net-worth profile where LTC coverage makes financial sense.
About 70% of people over 65 will need some form of long-term care. The average cost of a private nursing home room exceeded $116K/year in 2024 — and it's not covered by Medicare.
Who should buy it: net worth roughly $500K–$3M. Above that, you can self-insure. Below that, Medicaid eventually picks up the tab once you've spent down assets. The middle is where LTC insurance protects both your spouse and your heirs.
Buy in your 50s — premiums rise sharply after 60, and a single health event can make you uninsurable. Look at hybrid life/LTC products if traditional LTC premium volatility scares you.
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