The Cost of Waiting to Buy Long Term Care Insurance

When people begin looking at Long Term Care Insurance policies, there is often a tendency to put off the actual purchase until later down the road. While rushing the decision isn’t a wise move, waiting too long to buy can cost you, too, sometimes much more.

As we age, our health changes. If you are in your 50s, chances are that you leave your doctor's office with some new prescription in hand. That drug may help you live a long life but it's these changes that can make it harder or even impossible for you to qualify for long-term care insurance.

Here are some important facts to keep in mind

  • Insurers offer discounts to applicants who are in good health
  • These discounts are locked in. You do not lose them if your health changes.
  • Each insurer establishes their own health requirements. If you have some conditions or take some medications (even common ones) give us a call to review your options.
  • Existing health conditions may be acceptable (even if you were declined several years ago.
  • The percentage of applicants who qualify for good health discounts declines as one ages.
  • The percentage of applicants who are declined for health reasons increases as one ages.
  • Premiums for long-term care insurance are based on your age when you apply.
  • Costs increase on your birthday. The annual rate increases are generally 2-4 percent in your 50s but start to be 6 to 8 percent per-year in your 60s.

So, if you are thinking about long-term care insurance don't delay and give us a call.