Long-Term Care Policy

[shelleyk]

At what age should I consider taking out a long-term care policy?

 

[FRJ]

There isn't a set age that is a "best" answer for everyone. The earlier you start, the lower the per year cost and the earlier that you're covered for unforeseen events that could lead to you needing long term care services.

 

[ltcadviser]

At what age should I consider taking out a long-term care policy?

66 is the right age to buy your policy.

(Answer is not to be taken seriously by anyone reading this forum)

 

[billberry12]

According to Dave Ramsey, wait until you are 60. But.....he is not willing to guarantee that you will still be insurable. What a crock!

 

[DaKine]

If you can afford it a long term care policy should be purchased as soon as possible so you can get more coverage at a lower cost. It's good to have. What happens if you have an accident at a young age and require extended care?

Dave Ramsey's advice will hurt a lot of people.

 

[billberry12]

My wife and I bought at age 55. Preferred rates on us both. Lifetime benefit period. 5% inflation coverage, with a 20 day elimination period. We are now 65. We are glad we did it at that age for many reasons, but the main 2 are:

1. I became uninsurable two years later at age 57, and my wife would never qualify for preferred now.

2. Even with a 20% rate increase this year, the same policy (lifetime, which is now not available) would cost us four times as much as we pay now, and only have a 5 year benefit period.

Age 55 worked out to be the best time for us. I can't count the number of calls I have received over the years from people I presented to that did not buy back in those days, that are now very interested, but many are uninsurable, and most of the rest find it unaffordable to buy now.

 

[Sball24]

I had not thought of the proper age to begin the process, but now that I am informed I believe it can help me know when to begin. Thank you for the information.