The cost to buy a plan with certain coverage is higher for each year of age. For example it might be:
> 33% higher if you wait to 55 vs buying at 50!
> 60% higher at age 60 vs buying at 55!
> If you are 45 and say — I'll wait to age 55 — you would than have to buy an initial benefit pool of over $400,000 and pay 10 year older cost vs buying a plan with a $250,000 initial pool at 45 and paying 10 year younger cost.
> How does that work? Buying a $250,000 plan with the 5% compound inflation option means it increases each year over 10 years to about $400,000.
The American Association Long Term Care Insurance (AALTCI) found:
˃ Just 53.9% of people between 40 and 49 qualified for a health discount.
˃ Between 50 to 59 just 44.2% did.
˃ From 50 to 59 - 31.9% did. From 60 to 69 it was just 18.8%.
● AALTCI found: ˃ Up to 33% of individuals 60 to 69 had health problems and were not able to qualify.
● A study of 10 leading long term care insurance companies found:
˃ 13.9% of individuals 50 to 59 did not qualify.
● Individuals in this two minute Life Happens video share their insights Bottom line - it's a confirmation that buying early is important.
I'm often asked about high cost and answer it by saying — Yes & No!
● Yes — because the cost to hire assistance professionals in CT is next to the highest in the U.S.so the cost for insurance to cover thesis expenses is expensive!
● No — what you pay for this special insurance, even over a long time, means you have spent pennies compared to the amount of income & savings you would have to use to pay for help yourself.
We can talk about your situation & interest and how the parts (options) of a Long Term Care insurance plan, which meet your budget, will work for you.
I'll get back to you if not available.
You can also send a note about Long Term "Health" insurance to - Learn@JohnCParker.agency