Taking the long view

You may have heard already that OPM plans to hold an open season this spring for the Federal Long Term Care Insurance Program.

And if you’re like most Americans, you probably won’t sign up for it.

Most financial advisors recommend looking at LTC insurance about the time you turn 50 or so. That’s because the annual premiums you lock in rise as you get older.

Insurance is something nobody wants to have to use. LTC insurance ain’t cheap, and these days healthcare/insurance dollars are stretched thin for most people.

At the same time, a lot of folks who eventually find themselves needing long-term care later in life are unpleasantly surprised when they find out that long-term care is not covered by their health insurance and/or Medicare.

Many people figure they’ll chance it and rely on their savings and investments to cover any LTC costs. But the cost of an extended period of care can quickly wipe out those resources.

So let’s take a quick survey: Have you considered the need for long-term care as part of your financial planning?