What's the best age to buy Long Term Care Insurance? There are many opinions as to the answer for that question, offered by professionals in the insurance field and in by professionals in the field of issues related to aging. As someone who has a background in both fields, I think the best age to purchase Long Term Care Insurance is by age 60. Rates are lower and you are less likely to have a medical condition to disqualify you than if you wait longer than that.
Some cite statistics that over 40% of Long Term Care is provided to persons under age 65, so you should purchase LTC coverage at a much younger age. But many of the younger persons in extended care facilities have mental illness or other lifelong conditions that would not have qualified them for LTC insurance in the first place.
It is certainly true that the younger you are, the lower the rates, but you do have to offset the extra years for which you will be making those payments.
More important than that, I believe, is getting the policy while you still qualify. If you see some health conditions sneaking up on you at age 40 that could be trouble at age 60, get your Long Term Care coverage while you can.
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Some cite statistics that over 40% of Long Term Care is provided to persons under age 65, so you should purchase LTC coverage at a much younger age. But many of the younger persons in extended care facilities have mental illness or other lifelong conditions that would not have qualified them for LTC insurance in the first place.
It is certainly true that the younger you are, the lower the rates, but you do have to offset the extra years for which you will be making those payments.
More important than that, I believe, is getting the policy while you still qualify. If you see some health conditions sneaking up on you at age 40 that could be trouble at age 60, get your Long Term Care coverage while you can.