When is the best time to purchase a long term care insurance policy? This applies if you are living in Denver, Arvada, Wheat Ridge, Littleton, Aurora, in any area of Colorado or the United States.
This is a great question and may not have a simple answer. There are people who will tell you to wait until you are a certain age - say 60 before your purchase your long term care insurance policy. Others may tell you the first time you hear about it is when you should purchase.
The truth as to when to purchase a long term care insurance policy lies somewhere in between. It will relate to who you are and what your particular circumstances are.
This information will apply to anyone living anywhere in the United States including Denver, Arvada, Wheat Ridge, Littleton, Aurora or any area of Colorado.
What determines the premium for Long Term Care Insurance?
The factors that will contribute to Long Term Care Insurance premiums are:
Age - you attained age at purchase
Policy Plan - The limits, or what the policy will pay when or if a need should arise.
Elimination Period - An elimination period in a long term care insurance policy acts like your deductible on you homeowners policy.
Inflation Factor - This is a factor that allows the limits of your policy to keep pace with the increased cost of care. There are a host of considerations here and this should be closely analyzed in your policy design.
Health - Health is extremely important when qualifying for a long term care insurance policy. You may receive a preferred health rating, a standard or a rated policy - again based on health.
Carrier - Pricing for a long term care insurance policy will vary by carrier.
Again, this information will apply to anyone living anywhere in the United States including Denver, Arvada, Wheat Ridge, Littleton, Aurora or any area of Colorado.
So, what is the perfect age?
Again, it is not a magic number. Depends on your personal situation and your health. I have clients who were 60 years of age and purchased long term care insurance and it was great. I have worked with others that could not health qualify. They waited too late and their health declined to the point they could not qualify. Unfortunately, health is not a respecter of persons and ones health can change at any age. To quote Dirty Harry "do you feel lucky...well do ya".
I just ran the numbers for someone who is 50 years of age. If he were to purchase the long term care insurance policy now and if he were to have a claim at age 80, he would pay less premium than if he were to wait until he was 60 years of age to make the purchase. Plus he runs the risk of health qualifying at age 60.
Another consideration is when you retire most likely you will be on a fixed budget. The younger you are when you purchase a long term care insurance policy the less expensive it will be. So, a lower premium may fit your budget better in retirement.
This information will apply to anyone living anywhere in the United States including Denver, Arvada, Wheat Ridge, Littleton, Aurora or any area of Colorado.
If you are over age 60, now definitely is the time to consider the purchase of a long term care insurance policy.
Again, this information will apply to anyone living anywhere in the United States including Denver, Arvada, Wheat Ridge, Littleton, Aurora or any area of Colorado.
Author Resource:
For more information on long term care insurance please visit us at Long Term Care Plan Design . Thank You!
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