At what age does it make sense to buy Long Term Health Insurance?
Expert Answer by Steve Weisman
Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City and KRLA in Los Angeles. He is a practicing lawyer specializing in estate planning and is admitted to practice before the United States Supreme Court. He's a public speaker and commentator who has appeared on many radio and television shows throughout the country, and he's the legal editor of Talkers magazine, the preeminent trade publication of talk radio. His latest book is The Truth About Avoiding Scams.
The earlier you buy long-term care insurance, the lower your premiums will be.
Although insurance companies will sell long-term care insurance to someone as young as eighteen, the optimum time for buying long-term care insurance is probably around fifty-five. The premiums you would pay at that age are still quite reasonable compared to the benefits you could receive and statistically it is unlikely that you would have a need for the insurance before fifty-five.
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Answer
answered:
Schneider & Shulman Associates recommend that you consider Long Term Care Planning in your 50’s. You will have a good chance of qualifying for preferred health rates which are discounted as much as 15%.
Premiums are age based. Mathematically, the best time to buy LTC insurance is in your 40’s… but not many people do. Most people that age are dealing with mortgages and tuition, and have not focused on retirement plans.
We have been asked by clients and brokers if it makes sense to wait 5 years to buy. The problem is that you will be at risk for change in health and rate increases for new applicants. Rates do go up for new…(not existing) buyers about every 2-3 years. A change in your health can effect your eligibility. Also, our plans include inflation options. If you wait 5 years you will need to consider a higher benefit. Five years of waiting could require a 25% higher benefit. We can show you in every case that even though you would save 5 years of payments, the net cost of the insurance would increase by 25 to 50%.
Each week we'll send you Paying for Care news, tips, advice and support for you and your family. Everything you want, nothing you don't!
By the way, we hate spam as much as you do and will never sell your email address.
Our basic reccomendation is to “lock-in” your premiums and your health and take care of this valuable planning as soon as and as inexpensively as possible. Call us for a free consultation and personalized comparison. Most of our clients are pleasantly surprised. Visit our blog: www.ssltc.com/blog/ Call toll free: 1-877-843-9582.
Schneider & Shulman Associates will provide information for FREE. They are experts in in Long Term Care Insurance planning. They will answer questions and custom tailor plans and comparisons for no charge or obligation. They represent all the major providers. Call toll free: 1 877-View LTC. Or visit their website: www.ssltc.com
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