Timing Your Long-Term Care Insurance Purchase

The younger you are when you purchase your long-term care insurance policy, the lower your premiums will be. This is because the insurer stands to collect premiums over a longer period of time. But you would not want to purchase it too early to avoid overpaying. According to most financial planners, the best time to buy long term care insurance, sometimes called long term health care insurance, is in your late 50s or early 60s. In their late 50s and early 60s, the health of most individuals is stable, and the premiums for policies purchased at this stage of life are generally reasonable. Regardless of when financial planners think is the best time to purchase a long term care policy, one thing is certain: You must purchase your policy before you need long term care. Eligibility is based on your current health status, so if you are already ill and requiring constant care, you probably will not qualify for coverage.