When should you buy long term care insurance?
You have the opportunity to purchase long term care insurance at any time. Even so, many people don’t think about this when they are young and healthy. Instead, it only comes into play as they grow older and begin to think about the need for specialized care.
But here is something to remember: You will have an easier time finding and buying an affordable policy when you are young and healthy. This doesn’t mean you should make a purchase when you are 20, but you may want to start thinking about this well in advance of reaching the age when you have a higher likelihood of needing care.
The American Association for Long Term Care Insurance notes that you have a 1 in 7 chance of being denied long term care coverage during your 50s. This jumps up to a 1 in 4 chance once you reach your 60s.
With these numbers in mind, it only makes sense to consider a policy when you are in your 40s. You can purchase later in life, but there is always the chance that you could be denied coverage.
Long term care insurance should be a big part of your estate plan. Just the same as life insurance, this is not something to take lightly. With the right policy in place, it could save you and your loves ones a lot of money in the future.
There is no right or wrong answer as to when you should buy long term care insurance, but it always makes more sense to consider this earlier in life.
Source: Trusted Choice, “The $70k Reason to Consider a Long Term Care Policy,” accessed March 21, 2016