Medicare or your health insurance policy will not pay for long-term care expenses. These expenses are covered in one of three ways: self pay, long-term care insurance, or Medicaid — and you have to be nearly broke to qualify for Medicaid.
Consider purchasing long-term care insurance the day before you’re going to need it. Unfortunately, you can’t know what day that will be, so purchasing long-term care insurance between ages 50 and 65 is a good idea. The price of the insurance goes up as you get older, and the likelihood of needing long-term care insurance increases. Coverage isn’t available for anyone over 80 years of age. Weigh your risks wisely: Don’t be pennywise and pound foolish.
