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Dave Says: Should I Purchase Long-Term Care Insurance?

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Dear Dave,

My mom is 73 years old, and she’s dealing with depression and a few other mental issues. Is it too late for her to get long-term care insurance?

- Julie

Dear Julie,

It wouldn’t be a big problem if she were healthy. But given her age and the other struggles you mentioned, I’d check with a good insurance broker to see what’s out there for her.

In the insurance world, they call this “making a market.” Will they be able to find a company that will write her in that situation? I can’t give you an accurate answer off the top of my head because this is a difficult thing. It would probably depend on things like the extent of her depression, how long it’s been manifested, and what it has done in her life.

That’s one of the reasons I’m advising you to see an insurance broker. A broker doesn’t represent just one company; they represent several companies. They can shop around in a given situation, and find someone to write something you might not get written otherwise. They can also shop around for the best possible price, and you get the efficiencies of the marketplace working for you.

God bless you both, Julie.

- Dave

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About The Author

Dave
Ramsey

Dave Ramsey is America's trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, and EntreLeadership. His newest book, written with his daughter Rachel Cruze, is titled Smart Money, Smart Kids. The Dave Ramsey Show is heard by more than 8 million listeners each week on more than 500 radio stations.