Finally Revealed: The Best Age to Purchase a Long-Term Care Policy is…
The Best Age to Purchase a Long-Term Care Policy is…
Before revealing the best age to purchase a long-term care insurance policy, I have a different question:
When’s the best age to buy LIFE insurance?
Answer: One month before you die. This way, you’d pay a small premium and then your beneficiaries would receive a big chunk of money. Only one problem: we don’t know when we’re going to die.
Similarly, with long-term care insurance, everyone can agree that the best time to buy a long-term care policy is one month before you need long-term care. That way, you would only pay one small premium and then you would receive benefit payments from the insurance company for many years to come.
Unfortunately, we don’t know when we’re going to need long-term care. Some people will never need care. Others won’t need care until their 80’s or 90’s. But, many will need care in their 60’s and some might even need care in their 50’s or younger.
We’ve all heard financial “experts” on T.V. Some say that you should buy long-term care insurance at age 50. Other say age 55. Some say age 59. Some say age 65. Others say age 70. How could so many ‘experts’ be so confused?
Here’s a simple solution: Since long-term care insurance is nothing more than income and asset protection, we should use a “financial algorithm”, not an “age or health algorithm” for determining the best time to purchase long-term care insurance.
The best time to buy long-term care insurance is...
…when you have enough assets that you could lose to justify the cost of the policy.
There are some people in their sixties who should NOT own long-term care insurance because they don’t have enough income or assets to protect. They can easily qualify for Medicaid. There are some people in their forties who SHOULD own long-term care insurance because they have enough assets to protect.
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