How Long Should You Wait?

Many seniors have purchased auto, health, and homeowners insurance for decades as a way to pay those unexpected expenses that they can't afford to pay on their own. You might also have this insurance because the law or mortgage company required it, or just because you want to protect your assets. You're older know and my consider when to buy long term care coverage.

With long-term care insurance, you might think that you have the luxury to wait until some point in the future to purchase the coverage. And the statistics point out that younger people have less chance of needing long-term care. Therefore, would you be better off waiting until you are 70 or so before purchasing a policy? That way, you avoid premium payments for a number of years. Plus when you are older you might own the policy for just a few years before collecting on it since the chances of needing specialized care increases as you age. Unfortunately, that strategy often carries a huge risk.

Waiting to buy long term care insurance is like waiting to buy fire insurance on your home. Once the flames start, you won't be able to buy the insurance.

Unfortunately, long-term care can affect people of any age. In fact, 40 percent of Americans currently receiving long-term care are between the ages of 18 and 64. Many of them due to automobile and sports related accidents, similar to Christopher Reeve's spinal injury and conditions like MS and brain tumors. And ⅓ of the people who have strokes in the US are under age 65. Obviously, these people know now not to wait to buy long term care insurance.

According to the Centers for Medicare and Medicaid Services (CMS), 60 percent of Americans who reach age 65 will need long-term care at some point in their lives. Statistics suggest that more women than men require special care because women live longer on average, and the older you get, the higher the odds of needing long-term care. In addition, if you have a family history of long, debilitating illnesses, the chance that you will need special care goes up.

Statistics suggest that nursing home care runs at least $80,000 per year on average (private room). This can potentially put a severe strain on the Americans who live in a nursing home, and their families. Statistics also suggest that the 85 and over age group is the fastest growing segment of the U.S. population. During the next 30 years, the number of Americans over age 85 could double, from approximately 4 million to 8.4 million, according to the U.S. Census Bureau. Unfortunately, many of these aging Americans will need long-term care to help them with activities of daily living.

Unfortunately, deteriorating health could make you uninsurable or at least cause the size of the long-term care insurance premium to go up. Once this happens, it could be very difficult to purchase this coverage.

When to buy long term care insurance? Don't wait until you need long-term care as it will be too late. Talk to your insurance professional now.