When To Buy Long Term Care Insurance

Many people ask me, “When is the best time to buy long term care insurance?” I always respond with my own story. I became uninsurable at age 51 following a severe heart attack, open heart surgery. Totally unexpected, utterly shocking to everyone who came to visit me in the hospital, and totally life changing.

I am often amazed by people who have other health issues they face, but want to wait a little longer before they act. What they don’t know is how underwriting is continuing to tighten the criteria regarding health issues. Diabetes is a great example. At one time individuals not taking over a certain number of units per day were approved for. Today, if you are insulin dependent, certain companies will not accept you at all. When I see a window of opportunity for people to become insured, I encourage people to leap through it.

Three Important Reasons NOT to Wait

1. The longer you wait, the greater your chance of becoming uninsurable due to an advancing chronic illness, a major medical emergency or severe diagnosis, or accident. Your eligibility is based on your health and/or mental acuity at the time of application, which generally speaking, is better the younger you are.
2. Long-term care insurance premiums are based on your age at the time of application. The sooner you apply, the more robust the protection plan you can put in place because costs are lower.
3. Once you’re approved, your rate does not increase as you age or if your health deteriorates. An insurance company may not guarantee your premiums will never increase, but generally speaking this is the case. Premiums may be raised on an entire class basis – not just for your policy.