Long-term care insurance can help to protect your savings should a spouse go into a nursing home. But, like all things insurance, it is best purchased long before you need it.
Long-term care insurance is best purchased in your mid-50s, when rates will be better and chances of getting accepted are higher.
About 23 percent of applicants in their 60s are declined coverage, while only 14 percent of those in their 50s are declined according to Investopedia.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
