Your income probably is sufficient to cover the premiums but not long-term care. And you're not likely to go broke and qualify for Medicaid. Comparing is tricky because policy language varies widely, says Joan Gruber, a Dallas financial planner who specializes in elder care. For example, companies have different ways of calculating the days that count toward the waiting period before care begins, some more lenient than others. And you want to avoid insurers that have been hiking rates.
Insurers say the earlier the better.
Wait too long after 60, though, and rates rise quickly. Be sure to shop around. Again, you need a knowledgeable agent. Jean Chatzky is an editor at large for Money magazine. All rights reserved.