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I’m 50, living in California, planning to retire early at 60, and am trying to do projections of to make sure my wife and I have enough money so that I can do this. I think I have most of the necessary data, except when it comes to long-term care insurance (LTCI). We will have too many assets to make Medicaid or state-paid care an option.
Answers to this question suggest that 60 is about the right age at which to start paying for insurance. Intuitively, this seems crazy to me, since my main health issue right now is whether I can improve my half-marathon time. This article describes LTCI as extremely expensive, and says that people who pay for coverage often receive no benefits.
Does the cost of LTCI depend, as with life insurance, on your age and health? Do they give you a physical exam and take your medical and family history? Are data available anywhere showing what people are actually paying for some standard amount of coverage as a function of age and health?
Conversely, my wife, who is the same age as I am, has a health problem that seems serious but has eluded diagnosis. Could it make sense for us to start paying for LTCI for her already? Would her preexisting (non-)diagnosis affect the cost of coverage, or possibly make it prohibitive?