If you have assets that you want to protect, you should become educated about long-term care issues and consider purchasing long-term care insurance.

We define the market for long-term care insurance using two factors: age and wealth. This insurance is available to adults between 18 and 85, depending on the product and insurance company. The ideal age to buy long-term care insurance is between 45 and 65 for two reasons: insurability and affordability. At younger ages, the premiums are less expensive, and we tend to be healthier than in later years.

If you have assets between $500,000 and $5,000,000, excluding your home, you should seriously consider purchasing long-term care insurance. In this wealth range, a long-term care event could impact your family’s wealth and standard of living.