When is it the age to buy long term care insurance?

A fellow caregiver asked...

At what age does it make sense to buy Long Term Health Insurance?

Expert Answer

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.