If you are concerned about the future and want to make sure you are prepared at age 40, by all means, you should do your research and speak to a specialist. If you are younger than 40 there is also no harm in looking, however, some carriers have minimum age requirements. Some carriers will grant people as young as 18, while others only insure down to age 30 or 40.
Since long term care insurance companies do not fall under the Affordable Care Act, they are allowed to base their decisions on a pre-existing medical conditions. For this reason, it is important to try and buy LTCI when you are young and healthy enough to qualify. LTCI is bought with your money, but it is obtained with your health.
As you age you have an increased chance of having health issues arise, so applying while you’re young and healthy can help avoid a declination.
Another reason to apply while you are young is you can save money, whether with a discount and/or just a cheaper price tag. Most carriers offer a discount for preferred health, saving you sometimes 15% on your premiums. The younger you are, the less you pay. The cost for a single male age 65 is 31% more expensive than that same policy at age 60.
If you’re interested in learning more about long term care insurance, speak to one of our specialists today or check out the cost with our instant quote tool.
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.