Long-term care insurance premiums are based on your age when you purchase the policy, therefore the younger you are when you enroll for long-term care insurance the cheaper your premiums will be. People who purchase in their 40's and 50's can have the advantage of selecting a rich plan design for a fraction of the cost you would pay if you were to wait until later to buy. Generally, the younger you are the more healthier you are as well, therefore, you might be able to qualify for a Preferred Discount, which is usually about a 10 or 15% discount off your premiums. In addition, as people grow older they have a greater chance of developing a serious health condition that may prevent you from being insurable for long-term care insurance coverage.
Many people think that why pay into something for so long, when it will be years and years before you may actually need the coverage. Well, because you could actually need LTC insurance before "old age" strikes. The chances of needing long-term care before the age of 65 are close to 40%.
If you are financially secure and have assets to protect, it is best to plan ahead!
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