Best life Insurance for long term care

New interest in long term care insurance. Boomers are hitting the 60 mark and are wondering if long term care insurance is for them. Here are some ways to look at this specialized insurance.

First the age thing. Start thinking about purchasing long term care insurance at about 65.

Then look for an insurer with a strong track record in financial safety, e.g., B plus or higher. You can get this information from A.M.Best Co., Moody’s, S&P or TheStreet.com. 

Call around to nursing homes in your area and get their current charges. Then make sure your planned benefit will cover these costs. Then make sure that your benefit will increase each year (How likely is it that the costs will remain static until you need the policy? Highly unlikely) to the tune of about six percent per year. Many advise on a four year plan, as the average length of time in a long term care facility is two and a half years. In fact, almost ninety percent of those over 65 who go into a long term care facility stay less than five years.

As robust as you might feel now, it is always good to plan for the future.