Don't wait to purchase long-term care insurance

Q: I am a primary care doctor in my early 50s. I heard that the most cost-effective time to buy long-term care insurance is at age 60, but I see many patients who develop conditions such as high blood pressure and diabetes in their 50s. If I develop such a condition before I'm 60, would I still benefit by waiting another 10 years before I started paying premiums?

Clearly, long-term care insurance is expensive. Long-term care services, however, can range in cost from $48,000 to $96,000 annually. Moreover, about 70% of individuals over age 65 will require long-term care services, including assisted living. Because of this fact, many people don't feel comfortable without long-term care insurance. It is not wise to risk your insurability by waiting.

Answers to our readers' questions were provided by Charles Matt, CFS, a financial adviser with Sapient Financial Group in San Antonio, Texas.