When should you start planning for Long Term Care? - Episode 154 (Classic Episode)

Have you created a plan for when you eventually need assistance with everyday activities and are unable to care for yourself for a long period of time? 

It's best to start considering long term care insurance when you're relatively young and healthy, as this will help you secure a lower premium rate. Generally, the younger and healthier you are, the more cost-effective and suitable the policy is likely to be. 

I was always under the assumption that I should purchase a policy somewhere in the age range of my mid-50s to mid-60s but Dr. Jay burst my bubble. He also got me thinking about what I would do about my father if he needed this assistance. 

Updates since the episode:

• Multiple states (including CA, NY, MD, and PA) have continued to study WA-style long-term care programs, but as of late 2025 no other state has fully implemented a mandatory LTC payroll tax.
• Medicaid and state long-term care rules change often. The examples in this episode are from early 2023 – if you’re making decisions, please check current rules for your state or talk with a qualified planner or elder-law attorney.
• The free February planning sessions Jay mentions were a one-time 2023 offer. You can still find his current services at ChildfreeWealth.com.

About our guest:
Jay Zigmont, PhD, MBA, CFP® is the Founder and CEO of Childfree Wealth®, a life and financial planning firm dedicated to helping Childfree and Permanently Childless people. Childfree Wealth is the first firm dedicated to serving Childfree people.

Dr. Jay is a CERTIFIED FINANCIAL PLANNER™, Childfree Wealth Specialist, and author of the book “Portraits of Childfree Wealth” and the upcoming book “The Childfree Guide to Life and Money.” Dr Jay is the co-host of the Childfree Wealth podcast. His Ph.D. is in Adult Learning from the University of Connecticut.

He has been featured in Fortune, Forbes, MarketWatch, Wall Street Journal, New York Times, Business Insider, CNBC, and many other publications. In 2023, he was named a “Rising Star” by Financial Planning.

• Childfree Wealth Website 
• The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing by Dr. Jay Zigmont