I’m retiring soon with $1.5M saved. But with a chronic health condition, do I need long-term care insurance?

Core Insights - The article discusses the increasing interest in long-term care insurance (LTC) as people age and the associated costs of premiums [2][3][5] - It highlights the financial situation of a 64-year-old man considering LTC insurance, including his savings and income sources [1][7] - The article emphasizes the importance of applying for LTC insurance at a younger age and in good health to avoid higher premiums [6][8] LTC Insurance Costs - LTC insurance premiums rise significantly with age; for example, a 60-year-old man pays approximately $249 monthly, which increases to $676 by age 79 [2][6] - Women face even steeper premium increases, with average monthly premiums nearing $1,300 by age 79 [3][5] - Premiums are influenced by various factors, including age, gender, location, and health conditions [5] Financial Implications - The 64-year-old man's estimated LTC premium at age 65 is $313 per month, amounting to an annual cost of $3,756 [7] - This premium represents about 16% of his monthly Social Security income and only 0.02% of his 401(k) balance, indicating a manageable financial impact [8]