When should I purchase long term care insurance?

The younger you are, the healthier you are, the lower the cost. Keep in mind that the cost of long term care insurance (LTCi) coverage will increase as the you age. When you are younger, you are more likely to be in good health.  If your health is good, you could qualify for a preferred health discount.  According to the American Association for LTCi, the percentage of LTCi applicants qualifying for good health discounts in their forties is 42%, in their fifties is 32%, and in their sixties is 21%.

American Association for Long Term Care Insurance, 2012-2013 LTCi Sourcebook, www.aaltci.org

Some insuance companies are already introducing gender-based pricing, which reflects women using benefits more than men.  If unisex rates are still available in your state, it will probably be a better value for you to buy before gender pricing is introduced.   

If you can afford a small policy now, consider doing so.  Your health is known now, pricing will be at your current age and the product features offered today will not necessarily be the same in the future.  You can use multiple policies when you need care.  For more information, contact a long term care planning specialist with Baygroup Insurance.