{"id":12064,"date":"2017-06-09T07:00:22","date_gmt":"2017-06-09T12:00:22","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=12064"},"modified":"2020-10-14T11:04:47","modified_gmt":"2020-10-14T16:04:47","slug":"when-should-you-apply-for-long-term-care-insurance","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2017\/06\/when-should-you-apply-for-long-term-care-insurance\/","title":{"rendered":"When Should You Apply For Long-Term Care Insurance?"},"content":{"rendered":"

When Should You Apply For Long-Term Care\"When<\/a> Insurance?<\/h1>\n

If you’ve started your retirement planning, you’ve probably heard of long-term care insurance, but you may not be sure when you should buy a policy. According to the American Association for Long-Term Care Insurance (AALTCI), an industry group, \u201cfor most people, the best age to apply is in your mid-50s.\u201d There are two main reasons why applying for long-term care insurance before age 60 <\/a>makes the most sense for many people: lower premiums and a higher likelihood of qualifying for coverage.<\/p>\n

Apply when you’re young enough to get lower premiums<\/h2>\n

The younger you are when you apply, the lower your premiums will be, especially if you’re buying a policy with a high coverage amount and\/or inflation protection to hedge against rising care costs. That’s because you’re paying in for a longer time before you may need to use your coverage. Kiplinger points out that waiting just five years to buy long-term coverage<\/a> can result in annual premiums that cost a few thousand dollars more, in part because you have a shorter window for paying in before you may start needing care.<\/p>\n

The effect of age on premiums is especially important for women who want long-term care coverage. Because women, on average, live longer than men and account for the vast majority of long-term care claims, insurers have started charging single and widowed women higher premiums to make up for the disparity. The bottom line if you’re a woman who wants long-term care coverage is to apply for a policy sooner rather than later.<\/p>\n

Apply when you’re healthy enough to get coverage<\/h2>\n

Another reason to apply when you’re in your fifties rather than when you’re older is because you’re less likely to have some of the chronic conditions that become more common as we age. Long-term care insurers, unlike healthcare insurers, can charge you higher premiums based on your health history and current health status. On the other hand, if you’re in good health when you apply, your insurer may offer you a discount on your premiums.<\/p>\n

Just as long-term care insurers can set rates based on health status<\/a>, they can also deny you coverage altogether if you have certain pre-existing conditions. These include but aren’t limited to:<\/p>\n