Question

Deb and Aiko are ideal candidates for long-term care insurance. Their annual income is high enough to afford premiums, they have an estate they'd like to protect, and they're about ____________ years old.

a) 45
b) 55
c) 65
d) 75

Answer 1

Ideal candidates for long-term care insurance like Deb and Aiko, who have a high annual income and wish to protect their estate, should consider getting insured around 55 years old. This can help cover future health care costs and protect their assets.

Step-by-step explanation:

Deb and Aiko are ideal candidates for long-term care insurance if they are about 55 years old. This is an age where individuals might start considering long-term care options, given their potential need for care in the future and their desire to protect their estate. With a high enough annual income to afford premiums and assets they wish to safeguard, long-term care insurance can be a wise investment. This ensures that they have the means to cover potential expensive health care costs, which can amount to an estimated $283,000 for a couple at age 65, according to EBRI. Therefore, considering long-term care insurance at 55 can be part of a strategic financial planning process to preserve one's estate and mitigate the impact of health care costs in retirement.