Clark has tried for years to get people of a certain age to buy long term care insurance. Many of us are going to need to stay in a nursing home or will need long term care when we’re old, yet people assume social security will pay for it. That is not true. Most people should get long term care insurance when they reach their ‘50s. The only groups who don’t need LTC insurance are those who have very few assets or millions of dollars in wealth. That leaves about 80 percent of people who do. The New York Times published a story about the three companies you absolutely do not want to have. The third largest writer of LTC insurance, Conseco, has 29 times the complaint rate of the industry leaders. According to reports, Conseco repeatedly does not pay legitimate claims. Banker’s Life & Casualty, which is owned by Conseco, was second on the list. The last one is Penn Treaty American, which is the 7th largest writer of policies. That company has a complaint rate of 9 times the industry leaders. It’s horrible. These people have paid throughout their working lives in order to be taken care of when they no longer can. But that is not happening. Shame on the companies listed for mistreating customers.

Long-term care insurance is the coverage that pays when an elderly person needs care at home or in a nursing home. It’s a great product, but nearly no one buys LTC coverage these days. A law on the books makes it much tougher for people to get government help for this kind of care. So it’s up to you. What are the odds you may need long term care, you may be asking? If you reach age 65, about 70 percent of us will need long term care, according to the New York Times. That’s three out of four people. So, who should buy it and when should you buy it? Well, if you are loaded with dough (assets greater than $3 million) or you have almost no assets at all, you should not buy LTC insurance. Everyone else needs it. The time to buy is in the late 50s and early 60s. If you buy after that it can get too expensive. Clark recommends nine companies over any others and he has a buying guide to help you along. Check it out here. For more help with LTC coverage, click here. Clark prefers LTC coverage that has a lifetime benefit, rather than those that last a period of years.