Age is not a determining factor in whether or not someone might need long term care.
However, most individuals over 65 will need long term care in their life time. And surprisingly, about 40% or people receiving long term care are between 18 and 64 years of age.
Individuals who require long term care are not sick in the traditional sense but need help with ADL or activities of daily living such as getting dressed, bathing, eating and moving about.
When should you buy long term care insurance?
Most people start to think about purchasing long term care insurance when their parents need to arrange for long term care; so typically around age 50.
In fact, almost 50% of policies are written for this age category, while 1 in 5 of all other policies span age groups from 18-45.
Many financial advisors suggest adding this to a portfolio earlier than one might expect. Adding this coverage at age 45 will cost a couple about $2,000 annually, and the amount of coverage accrued by age 80 would exceed $85,000. So whether to opt for this coverage is often part of a financial planning strategy.
Protecting assets is always the core reason to be well insured.
In many cases by age 50 many individuals have significant assets that need to be protected in the event of a devastating loss or long term illness.
Qualifying for a long term care policy
A physical exam and not family history will determine eligibility.
Less than 1% of people age 50 are turned down for this policy. Some illnesses may make a person ineligible for a long term care policy – for example Parkinsons disease.
AARP notes that long term care insurance costs can vary widely across different companies.
A company offering the best rate for a 55 year old may not offer the best rate for a 65 year old, for example. Plans and products offered for sale are often changing and vary state to state. And each company sets their own rate and has a “sweet spot” as far as policy cost and age are concerned.
An independent agent may represent 4 or 5 companies offering long term care insurance. So you may want to talk to a couple of independent agents.
It’s very important to review specifics regarding coverage.
If you have some existing health issues or take prescription medications, ask whether these will be covered. A knowledgeable long term care insurance agent will have a good sense of what is acceptable. Conditions that can result in you paying more with one company may be acceptable (with no added cost) from another insurer.
Looking for affordable LTC insurance?
Save time and aggravation with a free, customized, quote comparison from qualified insurance providers. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
Get your FREE, no-obligation long term care insurance quotes today.
Or you can search through our list of long term care insurance providers and find a local insurance agent who can help you get the coverage you need.
Either way the choice is yours…