This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Why is it best to buy Long Term Care Insurance at a young age?

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Many people are not aware that you must health qualify to obtain a long term care insurance policy.* Long term care insurance companies do not fall under the Affordable Care Act, therefore are allowed to base their decision on a pre-existing medical condition.  As you can imagine, this can be frustrating for consumers.

To help avoid this frustration, we recommend planning for long term care early, ideally in your mid-50’s, but any time between 50-60 years of age.  Long term care insurance carriers care what shows up in your medical records.  As you age you are more likely to have additional trips to the doctor, prescriptions and/or diagnoses, all which can affect your ability to get approved for a policy.  By applying early, you have a better chance of health qualifying for coverage.

Not only do you have a better chance of even qualifying, but most carriers offer a discount for preferred health.  Once you are approved for the discount and accept your policy, the discount stays with your policy and doesn’t change just because your health does.  As you age and your health declines, so does your chance of qualifying for this preferred health discount.

Another reason to apply at a young age would be to save money!  Many factors affect the price of long term care insurance, but one of the driving factors is age.  The younger you are, the less you pay.  The cost of a single man age 60 for an average policy is roughly $180 per month.  That same policy only 5 years later increases 31% to $240 per month.  We see our average buyer is 56, so start planning today!

If you’re ready to find out more about the cost of long term care insurance, or if you may be eligible, speak to one of our specialists today, or check out the cost for yourself.  You have nothing to lose and everything to gain.

LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

* See our blog post titled Long Term Care Underwriting and What to Expect During the Application Process for more details on qualifying.

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