When Should I Buy Long Term Care Insurance

As a Long Term Care Specialist, I am often asked by consumers and audiences, “What is the best age at which to buy long term care insurance?” My answer is always the same, “if you can tell the future, buy long term care insurance about three months before you need care.”nnUnfortunately none of us have a crystal ball. Sometimes you will hear financial planners say to wait until you reach age 60. Try telling that to the super healthy Karate Instructor, a health guru in his early fifties who suddenly had a series of strokes. He may never be able to get long term care insurance and now his wife is afraid they will lose everything.nnThose who start younger win!nnTake three women ages 55, 60, and 65 all in excellent health. Have them buy the exact same coverage 1. and have all three go into claim at age 85. Believe it or not, the 55 year old woman will have paid the least premium over her lifetime ($46,440 versus, $48,000 versus $51,600) and she will also have the largest pool of benefits ($648,000 versus $528,000 versus $414,000). Does it really make sense to wait? Not necessarily!nnGet Long Term Care Insurance when it is appropriate for you!nnThe right age to buy long term care insurance should be based on your life milestones, not your physical age. For some people, 60 is the perfect age. They are still in good health, the kids are just out of college, they have no debt (except perhaps the cars and the mortgage) and they are diligently funding their retirements. Other people reach these milestones at age 50.nnTalk to a Long Term Care Specialist.nnThe bottom line is this: every family is different. For some people long term care insurance will make sense at age 45; for others, it will never make sense. Get in touch with a Long Term Care Specialist, an independent agent who specializes in this type coverage. Express your concerns and let the agent build a customized plan that fits your specific needs. Make sure the agent can provide you with WRITTEN side by side by comparisons of all the major plans including premiums, contract comparisons and financial ratings. Armed with this information, you can determine when and if long term care coverage is appropriate for you.nn1. Each single woman purchases a Genworth Classic Select Policy in the state of Georgia with the following benefits:$150 daily benefit, 3 year pool 5% compound inflation protection, 90 calendar day deductible/elimination period.n