Greetings! I trust that this will find you well and enjoying life.
In the past few months I’ve had a number of inquiries about when is the best time to purchase long term care insurance.
Long-term care insurance premiums increase as you get older, but generally you can lock in a lower rate if you buy at a younger age. Some industry professionals recommend purchasing a policy by the time you’re in your late 50s. You won’t want to wait until your health begins to fail, because you may not be able to qualify for coverage with some insurers.
For cheaper rates, consider a policy with a waiting period, also known as an “elimination period.” For many people, the need for long-term care follows a medical incident, such as a stroke or heart attack. In that case, Medicare may cover some non-custodial expenses for up to 100 days, so as a rule of thumb, you may want to consider a policy with a waiting period of 90 days.
If you have questions or feel that I can help in any way, don’t hesitate to call me.