Long Term Care Authorities
If you think you may need a long-term care policy, then obtain a quote for about 60% to 75% of your expected need (the average monthly assisted living cost in your area). This insurance plus Social Security should meet your financial needs. So if assisted living costs $6k a month in your area, I would suggest a policy paying $3.6k to $4.5k a month. After you decide on a monthly amount, you need to consider inflation. Most policies have an inflation rider which I recommend. I recommend you select a policy that has at least a 3% inflation rider. This inflation rider will protect you as health care costs escalate over time.