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Long-term care coverage doesn't cover medical care. It covers the related expenses: in-home help or nursing homes, for example.
The important thing to realize, though, is that if you wait to get coverage until you need it, it will be very expensive — if you can find a policy. The younger you are when you shop, the less you'll pay per year. But, of course, the longer you'll pay overall.
It may not yet be time to get this coverage unless something has changed with your health, or a family member's. Think about budgeting for it, though, to prepare.
It may be time to consider shopping for coverage. Start looking when you're young enough to find reasonable rates, but not so young you'll pay an unnecessarily long time before wanting it.
If you don't have coverage, it's probably time to make the move. But you probably shouldn't buy it if you'll need to lower your standard of living.
"Inside every older person is a younger person — wondering what the hell happened."
– Cora Harvey Armstrong
The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, or legal, tax or investment advice, or a legal opinion. Individuals should contact their own professional tax or investment advisors or other professionals to help answer questions about specific situations or needs prior to taking any action plan based on this information.
AARP Financial Inc. manages financial provider relationships and performs quality control oversight for a wide range of products that carry the AARP name and are made available as AARP member benefits, by independent providers. Neither AARP Financial nor AARP is the insurer. AARP contracts with insurers to make coverage available to AARP members.