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Dave Ramsey says: 40s is too soon to buy long-term care insurance

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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 1% chance of folks your age needing long-term care insurance, and I generally don’t recommend insuring against things that have such a miniscule chance 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

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