Most of us have witnessed a loved one require some type of long-term care. Even if it might not seem likely at the moment, you may need it at some point as well. As we age, the chance of requiring some type of assistance in daily life increases significantly; that’s why we believe you should invest in protection before it ever becomes a reality.
If you’ve considered long-term care insurance, you’ve probably wondered when the right time to purchase would be. We always advocate being prepared, but we also believe in making smart financial moves.
So, when is the ideal time to invest in this kind of protection? According to the American Association for Long-Term Care Insurance, the best age to apply is in your mid-50s. If you’re relatively healthy, this is the optimal time to take advantage of that; once you start to experience more serious health concerns, the cost will go up. Choosing to make the investment when you’re healthy means you’ll likely pay less in the long run. Once you’re insured, you won’t lose the discount—even if your health declines.
To simplify, here are some points of consideration:
1. Most health changes that require long-term care situations occur after age 50.
2. The healthier you are when you apply, the less you’ll pay.
3. Costs go up as you age, and more so after age 60.
Long-term care insurance is an important step in preparing for a happy, comfortable retirement. That’s why we’ve included it as part of our Secure Legacy Program, a comprehensive package that covers personal property, health and life insurance. It’s designed to give you the peace of mind you deserve in one convenient place, with a knowledgeable, familiar team to answer all of your questions.
No matter your current stage of life, we at Warren Weiss are here to guide you through all your insurance options. If you’d like to learn more about long-term care insurance or any of our other offerings, give us a call at 215-538-1865.