When Should I Buy Long Term Care Insurance?

When is the right time to buy long term care 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.

While we understand there are pros and cons of long term-care insurance, the bottom line is there are two important reasons to address your future long-term care needs 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 buy it is now. By doing this:

• You avoid the risk of your health changing to make you uninsurable for long term care insurance later
• You pay lower long term care premiums now rather than paying higher long term care premiums later.

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

(Age 53, Preferred health, married applicant, $150 daily benefit, 5% compound automatic inflation, 4 year benefit period)

As you can see, buying long term care insurance is more affordable the younger you are.  The cost to buy long term care insurance only increases as you grow older.  Buying long term care insurance today allows your benefits a chance to increase to keep pace with inflation.  Buying long term care insurance 5 years or 10 years from today means that you will have to purchase a higher benefit at your older age.  Also, your health history may change resulting in possible Preferred health discounts today being unavailable for you. Or, more importantly, you may become uninsurable. 

Give us a call today to discuss your specific situation.  We can help you review the pros and cons of long term care insurance, and guide you through your long term care insurance options.

If you would like to see if you can qualify for coverage, give us a call toll free at 1-800-891-5824 to review your health history with us.  We are experienced underwriters with all of the best long term care insurance companies and can usually give you a preliminary underwriting answer in minutes.

Or you may contact us through our website to receive free long term care insurance quotes or to ask us any specific health related long term care questions.

Each long term care insurance company has its own unique long term care insurance underwriting guidelines.  It is very important to work with an experienced and independent long term care insurance agency like LTC Partner that can contact every long term care insurance company for you, especially if you have any health related issues.

For free long term care insurance quotes, comparisons and expert advice on your LTC policy options, please call us direct toll free at 800-891-5824 with all of your long term care insurance questions.