What Age Should You Start to Worry About Having Long Term Care Insurance?

Here in Houston, the cost of long term care continues to skyrocket. The cost of long term care is now as much or more than the Houston median family income. The average person simply does not have the retirement or financial means to get the care that they deserve.

In order to help offset these costs and reduce the burden that long term care places on a family, it is highly recommended that *everyone* consider obtaining long term care insurance at some point in their lives. Even if you have the means, long term care insurance covers the costs of long term care – like nursing homes and home nursing – so that you do not have to cover it out of pocket.

When to Consider LTC Insurance

You should have long term care insurance. But you do not necessarily need it when you’re young. It is as you get older, when the odds of needing long term care increase, where it is important to consider obtaining a policy.

However, you do not want to wait until you’re “too old” either, because some carriers or policies may not cover pre-existing conditions or provide coverage after a certain age. So, while you do not necessarily need long term care insurance when you’re younger, you also cannot wait too long to get it when you’re older.

Instead, you should consider long term care insurance when you’re young enough not to need it, but old enough that you are more likely to require it in the future. For most people, that is between the ages of about 50 and 57, depending on health and financial status.

At this age, you should get a lower rate for your policy and easier approval, so that when you get older the costs are more manageable.

Can It Be Too Early or Too Late to Get Long Term Care Insurance?

50 to 57 years old is the best time to get long term care insurance, but most people are not within that window. Does this mean it is too late to get long term care insurance? Or are there situations in which it may make sense to get it early?

  • “Too Old” – You are never too old to obtain long term care insurance, but it becomes harder to obtain after the age of 75. Only some carriers will provide coverage, and the older you are the more you may have preexisting conditions. If you are outside of the upper end of the window, it is still worth contacting Kaia Insurance Group to see if LTC is available.
  • “Too Young” Some carriers offer amazingly low rates to younger individuals, and some carriers occasionally offer “limited pay” policies that allow you to pay off the entirety of your long term care policy within a set period (for example, 20 years), which allows you to pay it off while you’re working and reduces the burden on your finances in the future. Also, if your family has had health problems at young ages in the past, you can get some protection at a younger age before you may develop disqualifying health issues.

So, no matter your age, long term care insurance is worth exploring. For LTC insurance in Texas, especially Houston, Conroe, and Austin, please contact Kaia Insurance Group, today.

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