Don’t put this off
Long term care insurance is great option for countless individuals. With over 250,000 policies sold annually, over 58% of people will need some type of Long Term Care in their lifetime. There are a few things to consider when applying for long term care insurance the first being your current state of health. A common misconception made by many is that they have plenty of time to obtain long-term care insurance down the road and they should wait until they “actually need it”. This is not advisable and the reason being that if you are not in ideal health you may face higher premiums or no coverage at all. This is why is often best to avoiding putting off these types of insurances as the younger and healthier you are the more affordable and available your premiums will likely be.
For example, if you have already been diagnosed with a serious disease or illness like Alzheimer’s, Dementia, Parkinson’s, or AIDS you are more than likely considered “uninsurable” to most insurers. Additionally, if you are already struggling with daily functions or already in a nursing home this will almost always get in the way of you becoming insured. When going through the application process you will have to answer a detailed written health questionnaire that allows the insurance company to review your medical records. The insurance company will determine whether or not to offer you a policy and figure out what price you will pay based on this information. These questions exists to access how much of a health risk you pose to these insurers and the higher the risk the higher the premium or the higher your odds of being denied altogether are.
So at what age should you purchase your policy? Although there is no perfect age for when you should purchase long term care insurance,experts from the American Association for Long Term Care Insurance (AALTCI) say early 50’s is a good age. This is because in your 50’s you are more than likely to still be in optimal health as well as in a good financial state to start planning for your future. Even though you still feel great in your 50’s this is the perfect time to plan ahead and make a financial plan for long term care costs as opposed to waiting until it’s too late.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.