Dave Says: The perfect time?

Dear Dave,

My wife and I are both 46, and we have two teenagers in middle school. We were told recently that now is the perfect time for us to buy long-term care insurance. How do you feel about this in our situation?

Thomas

Dear Thomas,

No, now is not the perfect time for you guys to buy long-term care insurance. Research shows there’s about a one percent chance of folks your age needing long-term care insurance, and I generally don’t recommend insuring against things that have such a miniscule possibility of happening. Keep in mind that many factors, such as your current health and family history, could play into your decision of exactly when to buy long-term care insurance.

However, I do strongly urge people to find a good long-term care policy no later than age 60. At that point, the chances of something unfortunate happening begin to rise each and every year. You could think of it as a gift to yourself and your family. Nursing home costs are astronomical these days, and care of that sort can deplete your nest egg very quickly!

—Dave

* Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money MakeoverThe Dave Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.

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