When To Buy Long Term Care Insurance

Long term care insurance is used to cover costs related to ongoing health problems or concerns like wound care, nursing home care and in-home care. While many people think that Medicare will cover all of their long term care expenses, this is mistake. Medicare has several gaps in coverage that you will need to pay for out of your own pocket or with supplemental LTC insurance.

One of the biggest hazards of waiting too long to buy LTC is that you won’t have the coverage that you need when you get injured or sick. Like any other health insurance product, pre-existing conditions may preclude you from getting approved for this insurance, or it may put a waiting period on your insurance coverage. If you get hurt and then try to get long term care insurance, you may find it difficult or expensive.

The timing of when you this type of insurance is going to impact how much your monthly premium will cost you. The younger you are, generally, the less your premium will be. However, you can waste a lot of money by buying long term care insurance too soon. So when should you buy long term care insurance? The recommended at is 55 years old.

While some people won’t need to use long term care insurance coverage until they are in their 70s or 80s, some people will need to use their benefits much sooner. Risk factors such as smoking, drinking and exercise levels can impact how healthy you are and when you develop health problems that require ongoing treatment. Other factors that can make you more vulnerable to health conditions that require long term care treatments include things like participating in risky sports, having a high risk job, being single and having a family history of health problems. Your current health can also be used to determine your risk for needing long term care sooner rather than later.

So you know that buying long term care insurance too late is not a good idea, nor is it a good idea to buy it too soon. The best time to buy long term care insurance is a couple of years before you need it. This will give you a lower premium rate and it will help you to avoid waiting periods and penalties for being injured or sick. To time out when you need to buy long term care insurance you need to look at your risk factors and family history to determine when you are most likely to start needing long term care treatments.