At age 51 the time between birthdays seems to be getting shorter by the year. I am in great health, don’t take any medications, exercise 4-5 days per week, eat reasonably well (unless you ask my wife), and maintain a weight that is considered healthy. So based on this, I should live a long life and don’t see a time that I would need help with daily activities or because of physical health issues…why should I consider long term care insurance (LTCI) then?
The healthier you are, the longer you are likely to live. The longer you live, the more likely it is that you will need some type of care. In fact, statistically, 50% of those 85 years of age and older have some form of cognitive impairment (the number one reason for long term care claims being filed are dementia and Alzheimer’s related issues).
The best time to get LTCI is when you are healthy and young. As discussed in an earlier post, you will spend less over the course of your life even though you’ll be paying premiums for a longer period of time. If you have a history of Alzheimer’s in your family, make sure you share this with your long term care specialist as there are some insurance companies that have recently started taking family history into consideration.
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