Do you need long term care insurance? Maybe: Get it in your 40s - Business Insider

If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting, according to theWilliams noted that when purchasing long-term care insurance, you should ideally be young-ish and symptom-free. Rates are better when you are healthy, and you're healthier when you're younger.

: Assisted living facilities and nursing homes publish costs per day, and you must select the amount you want your insurance to cover. In 2017, the national average for cost per day was $135. Look up the average cost of a long-term care facility in your state, because prices vary. If you need help, your

or insurance agent can provide information about average per-day costs in your state for in-home care, assisted living facilities, and nursing homes.: How long do you want the policy to cover? Williams' rule of thumb is to factor in the average stay in a long-term care facility, which is two years, when determining how much coverage you want.The maximum amount per day multiplied by the number of days determines the lifetime maximum amount that the policy will pay.

The amount of money the policyholder will be reimbursed is known as the daily limit you select when picking your policy. The insurer will continue paying the daily benefit up to a maximum number of days, typically a period between two years and 10 years, or up to a specified amount of money — all of the factors that you select when picking the policy.

Williams said the national average cost per day for long-term care is $135/day, and the average need is for two years. That means ideally, you'd choose insurance that covers at least $135/day over a two-year period.Gender

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