When Should I Buy LTC Insurance?

Possibly today.

Long term care insurance is bought with your good health. The right time to purchase long term care insurance is:

• when you are concerned enough to plan for your future,
• you have decided that you do not wish to burden family with having to worry about providing your care, and
• you are healthy enough to qualify for the coverage.

There are two important reasons to consider buying coverage sooner rather than later:

First

• The cost of long term care insurance is based on your age and your health when you apply. Thus, the younger and healthier you are, the more affordable your policy will be.

Second, and most important

• As you grow older, your health will undoubtedly change. It will become more difficult to qualify for coverage once you have had a change in your health.

True Cost of Waiting to Buy Long Term Care Insurance

If you decide that long term care insurance is the right decision to protect your assets and your family's financial future, the best time to plan might be now.

In so doing:

• You may avoid the risk of your health changing to make you uninsurable in the future
• Your rates will be lower today due to your age being younger at time of purchase

The tables below show the INFLATION ADJUSTED cost of waiting to buy long term care insurance later assuming your health does not change over the years.

(Sample premiums, Age 53, preferred health discount, partner discount, $150 daily benefit, 5% compound automatic inflation, 4 year benefit period)

As you can see when accounting for inflation and increases in cost due to age, it is less expensive to plan sooner rather than later.  The cost to buy long term care insurance may only increase as you grow older. 

Delaying your application for 5 or 10 years from today only means that you might have to purchase a higher benefit at your older age to keep up with inflation.  Or you might have to opt for more co-insurance to keep your premiums affordable for you.

Also, your health history may change as the years go by resulting in coverage no longer being unavailable for you.

Let Us Help You Get Approved For Long Term Care Insurance

Give us a call today to discuss your specific situation.  We can help guide you through your options, and get your application approved with a top-rated company.

See: How Much Long Term Care Insurance Do I Need?

Find out if you can qualify for coverage--please call us direct toll-free at 1-800-891-5824 to review your health history with us.  We are experienced underwriters and can usually give you a preliminary underwriting answer in minutes.

Receive free quotes and compare costs of the top-rated companies.  Simply complete our easy long-term care insurance quote request form.

Jack Lenenberg