subject: At What Age Should You Get Long Term Care Insurance? [print this page] Thinking that you are too young can mean you avoid getting the protection provided by nursing home insurance coverage. Many think that it is only for retirement-age people and that the young shouldn't worry about purchasing this important coverage.
There are several advantages to buying LTC insurance at an early age. You may need to be in a custodial care nursing home long before you reach normal retirement age. You may develop a health condition later in life that will keep you from buying a long term care insurance policy if you wait too long. You be able to lock in a lower monthly premium if you purchase a long term care policy at a younger age.
Planning ahead and applying for a long term care policy can mean that not only are you prepared for your golden years, you are better protected today. Nursing home care is needed by both the old and the young who are unable to live in at home due to a sickness or injury that causes disability.
Although it is true that one is more likely to need nursing home insurance the older one gets. Not everyone in a "home" is elderly. Eighty-eight percent of the people in a nursing facility are over age 65. This means that twelve percent of nursing home residents are under age 65.
Other types of insurance will not cover your care or won't cover it well. Medical insurance and disability insurance plans can provide some coverage, but the coverage can be quite limited.
A medical insurance policy may cover you well in the hospital and the doctor's office. However your policy probably only covers the first one hundred days in a skilled care nursing home. Most nursing home residents are in custodial care facilities or intermediate care facilities.
YOUR disability income policy may pay you a percentage of your lost wages if you are in a nursing home. Even if this does provide you with enough money to cover the cost of your stay in a nursing home, you will have less money left over to cover your mortgage or any other expenses that you may have.
LTC insurance requires applicants to be medically underwritten. This means that if you have a medical condition you may not qualify or you may be charged a higher premium. This means that if you are healthy today, you may qualify for a low cost long term care insurance policy. However, since you cannot guarantee that you will just as healthy a year from now procrastination can mean that you will be unable to own this important protection.
The prices for nursing home insurance policies tend to be based on the age you purchased your policy. This means that you can pay the price only forty-year-old applicants qualify for when you are in your sixties and seventies. This can mean a huge cost savings when your income is more limited.
If you add an inflation rider to your coverage, you may only not even need to supplement your coverage as you get older. An inflation rider is recommended for any long term care insurance purchase.
Applying for LTCi at as when you are younger has significant advantages. You get coverage right away. You are more likely to qualify for a policy. You might be able to lock in much lower price than you would if you waited, since rates go up as you age.
by: Alston Balkcom
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