The Best Age to Buy Long-Term-Care Insurance

Salespeople Criticizing

Just about all the negative comments above come from people who make money if people buy early, buy too much, etc.

For any consumers who may be reading, take all this with a shaker of salt, no, make it a 55-gallon drum.

Don't buy until you are ready and can afford it. The worst mistake is to buy too much too soon.

Robert Early (great-grandson of Gen. Jubal Early) of LA @ Nov 15, 2008 22:51:11 PM

Too Much Industry Criticism

Seems as if most of the negative comments are from LCTI salespeople. The article provides a reasonable, balanced analysis of the topic.

of @ Nov 15, 2008 22:38:38 PM

Long term care insurance

I am an insurance salesman life, health, property and casualty, and etc. I am trying to find out as much information as possible about LTC and DI insurance. My company offers it but I am not very knowledgeable about it and need to learn the in and outs of it not company regs.

Bryan of WV @ Nov 14, 2008 22:03:04 PM

when to buy LTCI

Emily, $2 million in assets only yields $100,000 in income, not much by today's standards. If people spend that money on LTC which averages $70K annually and more for home care of 10+ hours+ per day, you can see how dramatically their income will drop. Also, the CR article came out in 2004, so it's quite out of date now. The average LTCI purchaser is 58 for the individual market, but 45% of policies purchased in 2007 were bought at work. The average worksite purchaser is 42. People pay longer for LTCI when they buy younger but pay much less because CR missed the fact that the longer you wait, the larger the benefit you have to buy, due to inflation. Finally, any of us could be hit by a drunk driver, have a brain tumor, or suffer a stroke and need someone to bathe and dress us TODAY.

Phyllis Shelton of TN @ Nov 03, 2008 17:00:19 PM

Is your car or house more important?

I am in early 40s. I have just bought my LTC (group) policy. For approx. $550/year I get $100 per day ($60 home), 5yr plan, 5% compound. Hopefully, I will never use it and I will retire with at least $1.0 million. However, I am more worried about my 40s/50s and possible health/accident issues. I really don't mind paying now. I pay my car and homeowners insurance every year. Are they more important? Furthermore, if you think about investing and paying for LTC, the math has just changed. No Dow 30,000. Forget about it.

Bob of KY @ Oct 25, 2008 21:49:46 PM

Bad, Reckless, Advice

I will try not to re-state what I'm sure the others have said. Your advice defies all common sense and does the public harm and disservice.

For example, "Retirees with assets of $2 million or more should be able to pay for the full cost of care."

I ask why would someone with $2 million or more want or choose to pay the full cost of care? Put a calculator on $2 million--choose your own rate of return---how much income does that produce? Not a lot! I believe that annual LTC costs of aprox. $40-50k/year and up will put a serious crimp on any family's income and welfare in these circumstances.

There are other things in this piece that are nonsensical, as well. Please do your research and use common sense when giving advice about LTC. Let your brain and your heart guide you. Do not depend on outdated sources. Consumer's Report is the last thing I would rely on for insurance advice. I think they should stick to what they're better at: rating cars and toaster ovens.

Honey Leveen of TX @ Sep 29, 2008 13:11:33 PM

Bad, Reckless, Advice

I will try not to re-state what I'm sure the others have said. Your advice defies all common sense and does the public harm and disservice.

For example, "Retirees with assets of $2 million or more should be able to pay for the full cost of care."

I ask why would someone with $2 million or more want or choose to pay the full cost of care? Put a calculator on $2 million--choose your own rate of return---how much income does that produce? Not a lot! I believe that annual LTC costs of aprox. $40-50k/year and up will put a serious crimp on any family's income and welfare in these circumstances.

There are other things in this piece that are nonsensical, as well. Please do your research and use common sense when giving advice about LTC. Let your brain and your heart guide you. Do not depend on outdated sources. Consumer's Report is the last thing I would rely on for insurance advice. I think they should stick to what they're better at: rating cars and toaster ovens.

Honey L of TX @ Sep 29, 2008 13:00:52 PM

MS diagnosis

I was advised to WAIT til my 50's to buy LTCI protection. I am 47 yrs old and THIS YEAR got a diagnosis of MS. Now I cannot buy from an A rated company!!!!!!ANd only have one choice of carriers with limited coverage. BAD ADVISE CONSUMER REPORTS. Get your education about your risk and LOOK INTO LTC PLANNING.

Brenda of MS @ Sep 29, 2008 11:47:14 AM