When Should You Buy Long-Term Care Insurance?

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April 9, 2024 Long-Term Care Insurance

Purchasing long-term care insurance (LTCI) is a crucial step in preparing for your future care needs. LTCI is an insurance policy that provides long-term care benefits and supports various care situations, including at-home care, assisted living facilities, skilled nursing care, adult daycare, and more. However, determining the optimal time to acquire an LTCI policy is essential for securing coverage and favorable rates.

Key Considerations for LTCI Eligibility

The primary factors influencing your eligibility for an LTCI policy are your age and health. Traditional LTCI policies typically extend coverage to individuals up to age 79, while asset-based LTCI options may be available to individuals up to age 86. Both types of policies undergo a thorough underwriting process, assessing your health status and capabilities. Generally, younger and healthier individuals are more likely to qualify for coverage and receive more affordable premiums. Conversely, older or less healthy individuals may face challenges in obtaining coverage or may be subject to higher premiums.

Are You a Good Candidate for LTCI?

To gauge your suitability for LTCI coverage, consider the following questions. If you answer “No” to all of them, you may be an ideal candidate for LTCI coverage:

  • Do you rely on aids such as a wheelchair, walker, stairlift, respirator, dialysis machine, or oxygen machine?
  • Do you require assistance with daily activities such as eating, bathing, dressing, or toileting?
  • Do you need help transferring in and out of a bed or chair?
  • Do you struggle with maintaining continence?
  • Have you been diagnosed with conditions such as AIDS, HIV, Alzheimer’s disease, dementia, multiple sclerosis, ALS (Lou Gehrig’s disease), Parkinson’s disease, or other significant health issues?
  • Are you unable to walk a short distance or climb stairs without assistance?

Exploring LTCI Options

If you’re interested in learning more about LTCI and the available policy options, we’re here to assist you. Simply tell us about your situation, and we’ll connect you with a qualified professional who can guide you through the process and help you find the most suitable solution.

Secure your future care needs by planning ahead with LTCI. Start exploring your options today!

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