It is a common misconception that long-term care insurance should only be purchased by those individuals who are reaching their retirement years and are still in reasonably decent health. The truth of the matter is individuals who purchase long-term care insurance as early as possible stand a greater advantage of having that long-term care insurance cover what they need to cover. They will also be given several opportunities that individuals who wait till their retirement years purchase long-term care insurance may not have. The following is a short list of benefits of buying long-term care insurance early.
Early Illness Diagnosis
Early illness diagnosis is something that many individuals do not want to think about. Early illness diagnosis may mean that you feel healthy one year and at the next checkup find out you have something catastrophic such as cancer, memory loss or some other illness which requires long-term care. For those individuals who do not prepare and plan for the possibility of an early illness onset, they may be left with no recourse or medical insurance to cover the long-term care. The benefit of purchasing long-term care insurance early is that if an illness is detected early, even without other medical insurance, the individual who has a long-term care insurance plan will be able to cover at least some if not the majority of the charges for the care.
Ability to Increase Coverage
One of the benefits of buying long-term care insurance early is the ability to increase coverage. This is an ability that may be offered after having the policy for five years, 10 years, 15 years and 20 years. If you purchase the long-term care insurance policy when you are in your 30s and you do not need to use that long-term care insurance policy until your 70s you may be given up to 2 to 3 times to increase your policy. This means that if the policy is not used and you started out with $200 a day of coverage that you may be able to increase it is much is $600 a day based on the cost of living increases, healthcare increases and other increases that may affect your health care coverage costs. This is not something that would be available to somebody who purchased a long-term care policy in their 60s and may find that within a decade they need to use their policy.
Ability to Change Coverage
In addition to having the ability to increase coverage and have coverage if an early illness diagnosis is made, an individual who purchases their long-term care insurance early will also have the ability to change coverage at a later date. Most insurance providers will offer certain timelines that an individual can not only increase the coverage but change the coverage entirely. For example, you may know that cancer runs in your family and therefore purchasing long-term care insurance policy which primarily covers cancer and cancer related health care. You may find later that you were more concerned with another illness or that you're concerned with a series of illnesses that may affect you later in life. For that reason you may want to change the coverage from a smaller coverage plan to a larger comprehensive coverage plan that will cover a wide variety of illnesses. You will have that ability by purchasing a long-term care insurance plan early rather than waiting until your retirement years.