What is the Best Age to Get Long Term Care Insurance?
We’re just going to get straight to the point: the younger you are, the less expensive long term care insurance is. Why, you ask? Because most insurance companies generally look for two things when reviewing a potential clients application: age and health. The younger you are, the better your health is.
Most people look for long term care when they are in their 70s or 80s, making them more of a risk for the insurance companies, therefore having to pay a higher monthly premium. This is why it is generally advised to begin looking for LTC insurance around your 50s.
The American Association for Long Term Care Insurance (AALTCI) Executive Director, Jesse Slome stated, “ Individuals who are in good health qualify for discounts that reduce the cost of long-term care insurance by 10 to 20 percent each year.”
In the case of any critical, chronic, or terminal disease, your policy will mail you a check that you can use to pay for long-term care and medical bills which tend to be $100s of thousands of dollars.