{"id":6853,"date":"2015-10-16T07:48:01","date_gmt":"2015-10-16T12:48:01","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=6853"},"modified":"2015-09-21T15:56:13","modified_gmt":"2015-09-21T20:56:13","slug":"when-to-buy-long-term-care-insurance","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2015\/10\/when-to-buy-long-term-care-insurance\/","title":{"rendered":"When To Buy Long-Term Care Insurance"},"content":{"rendered":"<h1>When To Buy Long-Term Care Insurance<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6855\" src=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/09\/When-To-Buy-Long-Term-Care-Insurance-350x350.png\" alt=\"When To Buy Long-Term Care Insurance\" width=\"350\" height=\"350\" srcset=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/09\/When-To-Buy-Long-Term-Care-Insurance-350x350.png 350w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/09\/When-To-Buy-Long-Term-Care-Insurance-150x150.png 150w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/09\/When-To-Buy-Long-Term-Care-Insurance-768x768.png 768w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/09\/When-To-Buy-Long-Term-Care-Insurance.png 800w\" sizes=\"(max-width: 350px) 100vw, 350px\" \/><\/h1>\n<h3><em>Did you know? It&#8217;s <strong>Long-Term Care Planning Month<\/strong>. That&#8217;s why\u00a0we&#8217;re bringing you a post each week throughout October to help you learn everything you need to know about long-term care (LTC) insurance.<\/em><\/h3>\n<p><span style=\"font-weight: 400;\">We\u2019ve already covered <strong><a href=\"https:\/\/www.senioradvisor.com\/blog\/2015\/10\/should-you-get-long-term-care-insurance\/\" target=\"_blank\">what long-term care insurance is<\/a><\/strong> and why it\u2019s worth considering for most families. Once you\u2019re on board with the idea though, the next issue to consider is when to buy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The economics of buying long-term care insurance aren\u2019t simple. On the one hand, if you start paying when you\u2019re young and don\u2019t find yourself needing to use the coverage until you\u2019re much older, you won\u2019t end up getting enough out of the plan to make the premiums worth it. In that case, you\u2019d be better off putting your money in a savings account or investments for some of the time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, the earlier you sign on, the lower your premiums will be. Perhaps more importantly, the longer you wait, the more you risk getting a diagnosis that keeps you from qualifying. <\/span><\/p>\n<h2>The Costs At Different Ages<\/h2>\n<p><span style=\"font-weight: 400;\">Most experts suggest that people should start looking into plans in their 50s. At that age you\u2019re unlikely to have the health problems that will keep you from qualifying and you are likely to have a level of health that gets you locked into the best rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><strong><a href=\"http:\/\/www.aarp.org\/content\/dam\/aarp\/research\/public_policy_institute\/ltc\/2012\/ltc-insurance-2012-update-AARP-ppi-ltc.pdf\" target=\"_blank\">AARP<\/a><\/strong><span style=\"font-weight: 400;\">, the average costs for long-term care insurance are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">$1,831 per year for people under 55<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">$2,261 per year for people 55-64<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">$2,781 per year for people 65-69<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">$3,421 per year for people 70-74<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">$4,123 per year for people over 75<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Couples that buy a plan together will save money on their costs in comparison to single people. And of course, the plan you choose and the level of coverage it provides will make a difference in how much you spend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All told though, you can count on spending less per month if you buy younger.<\/span><\/p>\n<h2>How To Decide When You Should Buy LTC<\/h2>\n<p><span style=\"font-weight: 400;\">While we can\u2019t know in advance what to expect from our health in the future, people can make some educated guesses. For those who stand a pretty good chance of needing long-term care for a significant amount of time or encountering health problems when young, the decision to buy sooner rather than later can be a smart one. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To gain a clearer picture of what age is best for you specifically, consider:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How long do people in your family typically live?<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What types of illnesses run in your family?<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What health problems have you experienced so far in your life?<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What can you afford to pay for premiums now?<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What can you expect to afford to pay for long-term care in the future?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Weighing the monthly costs against how much you have saved (or expect to have saved down the line) can help you determine when long-term care insurance will be the best deal. And you should always talk to a few different companies to get quotes and comparison shop.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re thinking about long-term care insurance by the time you\u2019re in your 50\u2019s, then you\u2019re in a good position to make a smart choice. If you wait beyond that point, you may still find buying it to be a good deal, but the longer you wait the more likely you are to pay more or risk losing the option altogether.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When To Buy Long-Term Care Insurance Did you know? It&#8217;s Long-Term Care Planning Month. That&#8217;s why\u00a0we&#8217;re bringing you a post each week throughout October to help you learn everything you need to know about long-term care (LTC) insurance. We\u2019ve already covered what long-term care insurance is and why it\u2019s worth considering for most families. Once you\u2019re on board with the [&hellip;]<\/p>\n","protected":false},"author":2199,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[200,162],"tags":[288],"class_list":{"0":"post-6853","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-families-caregivers","7":"category-retirement-planning","8":"tag-long-term-care-insurance"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When To Buy Long-Term Care Insurance<\/title>\n<meta name=\"description\" content=\"What&#039;s the right age to buy long-term care insurance to avoid lower premiums and coverage when you need it? 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