Don’t Put Off Buying Long-Term Care Insurance
When it comes to buying long-term care insurance, timing really is everything. While rushing this decision isn’t a smart move, neither is waiting too long. Many people tend to put off purchasing this type of insurance for various reasons, but by the time they are ready, it may already be too late. As you get older, premiums increase significantly, and you may not even qualify due to your health (or lack thereof). Additionally, as you age you are more likely to sustain an injury or have a pre-existing health condition, possibly rendering you ineligible for receiving long-term care Insurance. There is clearly a strong relationship between the age at which you buy long-term care insurance and the risk you may pose to insurance companies.
When Is the Best Time to Buy Long Term Care Insurance?
According to the American Association for Long-Term Care Insurance, almost half of all applicants 70 years old or older have had their applications denied due to health reasons. Contrast that number with only a third of applicants in their 60’s being denied, and only about a fifth of people in their 50’s being denied. Therefore, the best and cheapest time to buy long-term care insurance is in your 50’s.
Something to remember is that the United States Department of Health and Human Services estimates that around 70% of people over the age of 65 will eventually require some form of long-term care, regardless of whether it be in a home setting, a senior living community, nursing home or other senior care institution. It is therefore vital to actually purchase it instead of putting it off for a later date. It’s important to plan ahead to avoid becoming a liability or financial burden on your loved ones.
At the end of the day, the likelihood of needing elder care eventually is reasonably high. Most Americans will eventually need this type of care, and yet most will not be able to afford to it. So, should you buy Long-Term Care Insurance now, or wait? Though it is generally advised to purchase insurance as soon as you feel that the time is right, you should consult with your family, financial and legal advisors, and an insurance agent, to find out when the right time may be for you.