As with any other health or other form of insurance policy, there are better times to purchase a policy than others. For example, with car insurance the lower rates occur after the age of 25 and continue to decrease as the individual becomes older and more experienced as a driver. With medical insurance the best times to purchase a policy tend to happen during times when health it at its best to avoid the exclusion of pre-existing conditions. In regards to long term care insurance policies the best time to purchase a policy may occur during three separate stages.
Best Time to Buy Insurance for Certain Ages
The best time to buy long term care insurance, based on age, is when the individual is younger. There are several reasons for this thought. The first reason is based on the fact that many younger individuals will not have pre-existing conditions that would cause them to be disqualified from long term care insurance plans. The second reason behind younger being a better age group for long term care insurance is due to the benefits a younger person can claim with long term care policies. For example, a younger individual will be able to renew the policy for larger amounts as time goes on and no condition arises. This offers them the chance to alter their needs and the policy to meet the rising costs of long term care. The third reason is related to health insurance benefits. For individuals with no pre-existing conditions, the chance to obtain a lower cost health policy that covers long term care is a greater possibility than for an older individual who may have a greater chance of being turned down due to other health issues.
After a Clean Health Check
One of the best times to purchase any type of gap policy, such as long term care insurance, is right after a physical showing a clean bill of health. This means you have an updated panel of blood work, health checks and other health information available to prove no pre-existing condition. By having this updated information you secure your chances at obtaining a long term care policy and having coverage should an unexpected turn of events happen.
Though it stands to reason that you should purchase long term care insurance before you retire, one of the best times is just before retirement. Age 50 is a perfect time to purchase long term care insurance if you have not already. This usually places individuals a few years before retirement with enough time to still plan for rising health care costs and for any long term needs they may have. Though younger is an ideal time period, age 50 is still enough time to plan and utilize the policy without any disqualifying issues that may stand in the way. The premiums will also remain lower than if the individual waits until retirement age or after.