Phil's Financial Tip of the Day:
Long-term Care: Why Age 60?
It may be cheaper to buy LTC at age 50. But it is better?
On Dave Ramsey.com there is a great analysis of buying LTC at age 50 as opposed to age 60:
The average LTC premium for a healthy 50-year-old man is $1,340 per year. If the policy remains in effect until this person is 95, he will spend $60,300 in LTC premiums. For a healthy 60-year-old, the average premium is $2,170; it will cost him $75,950 to keep the policy until he is 95. So buying LTC at age 50 is $15,650 cheaper than buying it at age 60.
To read the rest of the article:
http://www.daveramsey.com/article/long-term-care-why-age-60/lifeandmoney_insurance/?ectid=bitlyified030620121101
Just like Term Life Insurance-the earlier you buy it the more you will save.
Quote of the Day from Dave Ramsey.com:
Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job. — Victor Hugo
Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710
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