Buy Long Term Care Insurance When You Are Young

April 13, 2010

The average American life expectancy is now about 75 years for men, 84 for women. Over half of Americans will spend part of these years in extended long term care situations.

By 2030, one in five Americans will be a senior citizen. If you are a Baby Boomer, this includes you. Americans are living longer and healthier, thanks to better diet, better medical care and safer living & working environments. Yet no one is immune to the effects of aging and longevity – effects that often result in reduced physical or mental ability.

Long term care insurance can be confusing but a fact that is indisputable is that Long Term care Insurance helps mitigate many of the financial issues that occur by providing needed resources at very stressful times. It is very important to understand the importance of looking at Long Term Care protection and planning at younger ages. One must “health qualify” for coverage and that ability diminishes as one ages. Most people in their 50’s are in sufficiently good health to qualify for Long Term Care Insurance coverage; People in their 60’s likely still have a good chance. By age 70 it gets much harder and pretty pricey, by age 80, only a few carriers will even consider such candidates regardless of good health.

The ideal time to start long-term care planning is actually your mid 50s – when you are still most likely to health qualify for protection. You can buy some affordable protection that you add to as you get older. Read more about the Benefits of Long Term Care insurance.

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