At What Age Should I Purchase Insurance For Long Term Care?
There’s a misconception that long term care insurance is only for the elderly. Back in December though, we wrote a quick post noting that “…39% of people needing long term care insurance are between the ages of 18-64.” According to a very recent study by the American Association for Long-Term Care Insurance, the percentage of young buyers of long term care insurance is growing.
Some 400,000 individuals purchased long-term care insurance protection in 2008 according to a just-released report. The overwhelming majority (84%) of individual buyers in 2008 were younger than age 65 and three-fourths (76%) selected a more affordable approach to this protection by opting for coverage for a specific number of years.
The findings continue, with the article stating,
“Individuals continue to purchase protection at younger ages,” explains Jesse Slome, the Association’s Executive Director. In 2008, some 53% of individual buyers were between ages 55 and 64; compared to 50% the prior year. Another 24% were between ages 45 and 54 (2008). “The age of buyers keeps dropping as consumers — especially baby boomers — understand the cost-saving benefits of locking in good health discounts and ways to make protection more affordable,” Slome explains. In 2000, the average age of an individual buying long-term care insurance was 67.
You can read more of the article on their site HERE.
Wondering whether it’s time to consider LTCI? It’s important to consider your life stage when looking into LTC insurance.
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As part of the big picture, when to buy, or how to finance or cost, I would add: Do back ground research on the types of policies and offerings from the various companies…without getting a ‘pitch’ or a ‘powerpoint’ tossed in before some objective review can take place.
I suggest any prospective buyer of long term care insurance find some independent sources of info. The top 30 most popular policies all may look alike but there are differences. The Senior Health Advocate just published an ebook, which anyone can get for free that outlines these Top 30 Most Popular Long Term Care Insurance Policies for the top ltci companies.
Your reader can read about the company they are condsidering or down load the book at this site: http://www.seniorhealthadvocate.com (this link may work toohttp://www.seniorhealthadvocate.com)
A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional.Everything you ever needed or wanted to know about disability and long term care insurance.