Those who wait may become uninsurable
When it comes to long term care insurance, those who wait until care is absolutely necessary to opt for coverage will usually fall into the uninsurable category. This end result typically results in, a declining individual in need of serious care who is now faced with steep costs and little means to cover it. The reason for this is that most insurers will require a medical underwriting exam before extending coverage meaning the state of your health will directly impact your eligibility as well as your overall insurance premium.
Approaching age 50 and so on, many individuals will begin to develop minor to major health issues, all of which would factor into their underwriting exam results. Long-term care insurance was designed to help individuals shoulder the steep and rising costs of long-term care should they ever need it. Like all insurance, insurers will estimate their costs to cover you which will usually translate into your premium costs. The riskier and more likely they deem you to require extensive and costly care, the higher your premium will be and/ or, the less likely they are to approve you for coverage. When choosing to offer you coverage, insurers also want to ensure that you do not over exceed their estimated risk which they have concluded upon your medical underwriting. This is exactly why a better health profile and younger age can be especially helpful as you undergo medical underwriting and raise your chances for approval.
When to start
While there are no age restrictions to obtaining long term care insurance coverage, there are many age related factors to consider when looking for coverage such as the following:
- Health status at time of application
- Daily benefit amount
- Benefit duration
- Waiting period
- Types of care
- Inflation protection
- Cost of long-term care by state
Plain and simple, the older you are the more likely you are to pay a higher premium or be denied coverage all together. It’s never too early to start investigating and planning for your future needs. Allow yourself ample time to make informed and rational decisions regarding your care. Choose a plan that meets your individual needs as well as your financial capabilities. The goal is to ease some of the stress and financial burdens that come with aging in relation to long-term care. You do not want to find yourself in need of long-term care without the resources to continue to live the life you deserve. Start your long-term care research today and determine if long term care insurance is a good fit for you.
If you or someone you love is interested in Long Term Care Insurance be sure to visit: LTC TREE for more information.