Long-Term Care Insurance

Long-Term Care Insurance: Is Now the Right Time to Buy?

You’re thinking that long-term care insurance (LTCi) may be a good fit for you and your significant other, but how do you decide if now is the right time to take the plunge?

According to Vincent J. Russo, a nationally recognized authority on the subject who is a founding member, fellow, and former president of the National Academy of Elder Law Attorneys, the best time for purchasing this coverage is typically between the ages of 49 and 65. “You have to balance a number of different considerations—there’s no age that’s right for everyone, but most will fall into this range.”

Think about the following when deciding when to buy LTCi.

Unexpected illness/injury
It isn’t just the elderly who need long-term care. A 2008 study by a major provider of long-term care insurance showed that nearly 46 percent of its claimants were under age 65 at the time of disability.* Buying at a younger age helps ensure you’re protected if the unexpected happens.

Insurability
The longer you wait, the more likely you may be to have a health condition that makes you uninsurable or drives your premium up to a level that you can’t afford or find hard to cost-justify.

Annual premiums
Buy younger and you should be able to lock into a lower annual premium—often hundreds or thousands of dollars less per year.

Affordability
Take a hard look at your income and liabilities. Do you have children at home? Are you still paying for college? Are you struggling to put aside money for retirement? If buying an LTCi policy now will compromise your ability to meet everyday expenses, it might not be the time to buy.

Want to learn more?
The CUNA Mutual Insurance Society Representative that services your credit union can help you determine when it’s the right time to purchase LTCi. Call them today at 800-443-6003.