According to statistics, 70% of Americans age 65 or older will require some form of long-term care. Long-term care is expensive, and having a Long-Term Care Insurance policy will help to protect you from the costs that can otherwise quickly add up. It is not covered by life insurance policies, such as Term Life, Whole Life, or Universal Life. Governmental health insurance plans, like Medicaid or Medicare, provide extremely limited coverage for long-term care or no coverage at all.
For most people looking for insurance, mid-50s or earlier is the best age to apply. Why? Because the health of the insured is the most important factor that determines the costs of their insurance premiums. Insurance providers offer discounts to those who have good health, and the discounts once applied will not change even if the changes occur in your health. According to statistics, 62% of applicants between ages 40 and 49 qualify for Long-Term Care Insurance, while the percentage drops to 46% for ages 50 to 59.
Planning for your long-term care needs will help you preserve your assets, protect your caregivers’ emotional and physical health, give you flexibility in the choice of insurance policy, cover your temporary and permanent long-term care needs, and leave legacy for your loved ones.