A contributing editor for SmartMoney.com recently discussed some of the most common mistakes that people make about their financial future. She covered quite a bit of ground but then brought up the subject of long-term care insurance. Here is what she said as reported by CBS News:

“In addition, plan ahead for any health-related costs that may crop up, including those for any aging parents you may be taking care of in the near future. “A nursing home can easily set you back $75,000 or more a year, and Medicare does not cover long-term care,” says AuWerter. For the typical middle-class family, she suggests considering long-term care insurance in your early sixties. This will allow you to still be eligable for the insurance, but gets you into a plan before the premiums become too high. ”

I am in agreement with her thoughts on this in general. However, I would advise most consumers to look seriously at long-term care insurance in their early to mid fifties as this would realize a significant savings over the life of the policy.

You can read the full article here.