Ask The Expert: When is the best age to buy long term care insurance?

Chris Lynch MBA, CLTC, LTCP

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

First, a person needs to apply and go through medical underwriting to be approved for this type of insurance. Your health will determine whether or not you can qualify. The younger that you apply, the lower your rates are likely to be.

It is important to be financially ready to afford your premiums until you make a claim. Often this is 10-20 years or more. Letting this coverage lapse will not do you or your family any good. Many people in their 40’s and 50’s are seeing the wisdom in planning for their future and applying while they are healthy enough to qualify, often receiving a discount due to their good health.

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Comments

Posted by: Joan Levin — 10/19/2012

I have a LTC policy which I have had for nearly 15 years. The premium has had a huge increase recently. I have some leeway in what features I could change that could affect the premium, but I would like an expert INDEPENDENT of this (or any) insurance company to evaluate this policy and discuss my option with me. I would certainly expect to pay a professional fee for such a consultation.

Posted by: Kuba — 04/13/2012

Do we seniors have the cihoce to chose whether staying at home or staying at nursing home if our body run out of track,some elderly fall to death at home for one week until someone notice n report to police,they have children..why they do not know what happen to their parent died after one week bzc they are busy earning their living n seldom visit them,maybe if they chose to stay at the nursing home,they might have fun n care to the very end.i sincerly hope every elderly have their forunate lifestyle and take care of their health living happily in their own home.