What is the age limit for long term care insurance?
Generally, insurance companies do not sell long-term care insurance policies to people over the age of 84. Even if you were able to find a company that would sell you long-term care insurance at that age, the premium would probably be prohibitive.
Long term care (LTC) insurance companies do not necessarily have age limit, however, if you buy long term care insurance if you are already more than 60, the cost of premiums will be very high since premiums are based on age, in addition, the chances of being denied a long term care insurance is very high, in a report about statistic of long term care insurance at infolongtermcare, it was stated that 44% of enrollees in their 70s become ineligible for ltci. while only 7% of enrollees below the age of 50 are declined. Depending on your finances and health condition, if would be ideal to buy it during 40-50 years of age.
Steve here is right. Companies no longer sell insurance to people who are 85 years old and above. Even if companies will sell these people with long-term care insurance, the premium will be too high. It's not advisable to purchase when you're older and more vulnerable to conditions or illnesses that will increase your risk of requiring long-term care.
It's highly recommended to purchase early in order to save on premiums. Aside from the cost, it's also recommended to consider the carrier. According to www.ltcoptions.com/long-term-care-insurance/long-term-care-insurance-companies, the rating of a long term care insurance company will tell if it is financially stable, can pay for claims and can provide excellent services.
Most people don't buy long-term care insurance until it is too late for them to get covered because they think that they will not need this. They are afraid that they might not get the return of their investment. If you're one of these people, then might as well consider other payment options like hybrid products, reverse mortgage, accelerated death benefits and annuities.
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