Should I Wait To Buy Long Term Care Insurance?


Another thought that is often voiced when people are considering long-term care insurance is: 

"I'm still young,  I am going to wait until I'm closer to retirement." 

There are two very important points that need to be considered when evaluating whether or not you should wait and purchase long-term care insurance at an older age.

First, long-term care insurance is a health-qualifying product. So, if you have any change in your health you may not be able to qualify for coverage. And the very health issue that keeps you from qualifying may eventually require you to need long-term care.

Second, long-term care insurance premiums are age-based premiums. In other words, your premiums will always be based on the age at application. And as hard as it is to believe, you will actually spend less on premiums buying earlier and paying longer than you will by purchasing at an older age (if you can qualify).

To calculate the financial cost of waiting select your age and inflation rate from the Rule of 72.

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