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When To Buy Long-term Care Insurance
Think about people you know who have been in good health up until they had a major accident or the sudden onset of an illness that caused them to require substantial assistance from another person. These can include boating or auto accidents, sports accidents such as a fall during skiing, onset of Multiple Sclerosis, Parkinson’s, a stroke or various other conditions.
All of these could cause a person to need long-term care. With the medical advances today people are living longer lives but sometimes with chronic health problems. The sooner you buy insurance, the better, because once you need it, it’s too late to get it!
Three Important Reasons Not To Wait
- The longer you wait, the greater the chance you have of becoming uninsurable due to an illness or other condition. Your eligibility is based on your physical health and mental acuity at the time of application, which generally speaking, is better when you are younger. The average age of people purchasing long-term care insurance has dropped from age 68 in 1990 to around age 57 according to current industry statistics.
- Your long-term care insurance premiums are based on your age at the time of application. The sooner you apply, the easier it will be to get coverage and the less expensive it will be.
- Once you're approved, your rate does not increase as you age or if your health deteriorates. An insurance company may increase premiums on an entire class basis - not just for your policy.
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