People usually begin thinking about this in their 50′s, and of course the earlier you purchase it, the cheaper it is. However, also the earlier you purchase, the more you spend overall.
I started working in the insurance business when I was 21 and saw the advantages of health insurance very early. I was 24 when I purchased Long Term Care. I was 27 when I was diagnosed with Relapsing/Remitting Multiple Sclerosis. If I would have waited until when “most people” buy it, I would be uninsurable, out in the cold with my family having to pay the expenses of my home health care or worse yet, using Medicaid and having no dignity or choices.
There is no way to tell the future. Buy Long Term Care while you’re healthy. Period.
I wanted to add a note that in many states a Qualified Long Term Care Policy has premiums that are tax deductible.
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I think most financial gurus recommend early to mid 50′s.
People usually begin thinking about this in their 50′s, and of course the earlier you purchase it, the cheaper it is. However, also the earlier you purchase, the more you spend overall.
I started working in the insurance business when I was 21 and saw the advantages of health insurance very early. I was 24 when I purchased Long Term Care. I was 27 when I was diagnosed with Relapsing/Remitting Multiple Sclerosis. If I would have waited until when “most people” buy it, I would be uninsurable, out in the cold with my family having to pay the expenses of my home health care or worse yet, using Medicaid and having no dignity or choices.
There is no way to tell the future. Buy Long Term Care while you’re healthy. Period.
I wanted to add a note that in many states a Qualified Long Term Care Policy has premiums that are tax deductible.
Unless you feel you are about to go into nursing care, why spend the money. It is not cheap to get long-term insurance.
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