This Week's Topic: Long-Term Care Insurance

The Chicago Tribune reported in 1991 that about 40% of all Americans who reach the age of 70 can expect some type of long term care during the remainder of their lives.

Long-term care insurance is more readily available and less expensive now because more people are purchasing it so risk can be spread over more lives and also because the industry is more competitive. It covers assisted living, at-home care, adult day care, therapy services, paid companions and some transportation.

It is prudent to purchase long-term care insurance unless you are poor or wealthy. In other words, poor people will qualify for state aid without much difficulty and wealthy people have sufficient cash flow to pay for the cost of care is necessary. It is the vast middle class that can have their estates devastated by $5,000 a month or more of long-term care costs.

My advice is to purchased long-term care insurance as young as possible to keep the premium low and to guarantee that your health will not deteriorate in the future to make you uninsurable. Certainly purchase it by sixty if possible. If your employer provides a group plan, take advantage of it because even if you change jobs you can take your policy with you for the same premium, in most cases. And be sure to get the