The older you get, the harder it is to qualify for long-term care insurance. If you are interested in buying this insurance, it is better to act sooner rather than later.
Many people put off purchasing long-term care insurance until they need it, but by then, it may be too late. Not only do premiums increase as you age, but you may not qualify for insurance due to your health; the older you are, the more likely you are to have a disqualifying health condition.
According to a recent study by the American Association for Long-Term Care Insurance, 44 percent of applicants who were age 70 or older had their applications denied due to health reasons. And those are the applicants who completed applications. Insurance agents frequently discourage unhealthy applicants from applying in the first place.
In contrast to older applicants, only 22 percent of applicants who are between 50 and 59 years old and 30 percent of applicants between 60 and 69 years old had their applications declined. Generally, the best (and cheapest) time to buy long-term care insurance is when you are in your 50s.
Long-term care insurance is not the best option for everyone, but if you are thinking about it, don’t put off the purchase until it is too late. To find out how a long-term care insurance policy would fit into your estate plan, contact one of our elder law professionals to schedule a review.