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When is the best time to buy long term care insurance?

by Jack Lenenberg

Buying long term care insurance

Often times our clients ask us "When is the right time to buy long term care insurance?"  Some consumer advocates such as Suze Orman feel the right time to buy coverage is when you are in your 50's.  Other financial experts such as Dave Ramsey feel that long term care insurance is best purchased after the age of 60.  So, what is the right answer? Or is there a best age to consider long term care planning?

We actually do not feel there is a specific age to buy long term care insurance.  Some of our clients move forward in their later 40's.  Other clients buy long term care policies in their 70's.  We believe the best time for you to consider planning for long term care is when you are concerned about the high costs associated with receiving long term health care AND your long term care insurance premium will not change your retirement lifestyle AND you are healthy enough to be accepted for the coverage.  If these three factors are present, then you have the right time to buy long term care insurance.

Long term care insurance is bought with your good health

There is an old saying. "You buy long term care insurance with your health.  You pay long term care insurance premiums with your money."  For this reason we believe Suze Orman's thoughts on your looking into long term care insurance while you are in your fifties does make some sense.  As you age, you are more likely to develop a health condition that will make you uninsurable.  According to the American Association for Long Term Care Insurance (AALTCI) a long term care applicant has a 1 in 7 chance of being turned down in their fifties, while having a 1 in 4 chance of being turned down in their sixties.  Thus, if you know you wish to have the coverage it is best to apply before a change in your health prevents you from buying long term care insurance. 

Long term care insurance premiums are lower at younger ages

Many people are starting to buy long term care insurance at younger ages.  In fact, in 2011 the average age of application is age 57.  In 2000, the average age of application was 64.  Premiums for long term care insurance do begin to increase for applicants over the age of 65, so there is value to beginning at an earlier age.  In fact a long term care insurance premium for a 55 year old in is half of the premium for a 65 year old.

LTC Partner can help you move forward with long term care planning.  If you are concerned about the high costs associated with long term care, and wish to protect your retirement assets from these long term care costs please call us toll free at 800-891-5824 today.  Or email us at info@ltcpartner.com. We work with all of the leading long term care insurance providers such as Mass Mutual, Genworth,  Mutual of Omaha, and Transamerica. We will provide you with free long term care insurance quotes from all of the best long term care insurance companies in your State.

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Jack Lenenberg