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.
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%.
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%.
Our basic recommendation 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. Call toll free: 1-877-843-9582.