If you are "very wealthy" (e.g., a net worth over $3–5 million) and can afford to pay for three to five years of care out-of-pocket without bankrupting your estate, you may choose to self-insure instead of buying a policy. Policy Features to Look For
Dave Ramsey recommends purchasing long-term care (LTC) insurance . He advises waiting until this "sweet spot" because the statistical likelihood of needing a nursing home before age 60 is less than 1%, and buying earlier often results in paying premiums for an unnecessary length of time. Core Recommendations when to buy long term care insurance dave ramsey
You have a fully funded emergency fund (3–6 months of expenses). You are actively building wealth and nearing retirement. If you are "very wealthy" (e
If you are healthy, wait until age 60 to buy. Purchasing in your 40s or 50s is generally discouraged unless there is a significant family history of early-onset illness. Core Recommendations You have a fully funded emergency
You should only shop for LTC insurance after completing the first few "Baby Steps": You are out of consumer debt.
When reviewing quotes from providers like Zander Insurance , Ramsey suggests these specific parameters: Dave Ramsey's Views on Long-Term Care Insurance