What is the “right” age to buy Pennsylvania Long Term Care Insurance?
Because your premiums will be based on your age and health, the younger you are, the lower your premiums. With each birthday, premiums typically increase 8-10% each year that a person waits to buy coverage. Nationally, the average age of one who purchases Long Term Care Insurance is 57. If you do decide to purchase, you can save a significant amount of money by buying sooner rather than later. Premium costs rise dramatically if you wait until you’re older to purchase a policy, because the likelihood that you’ll need long-term care is directly related to your age. As an example, a 65-year-old purchasing Long Term Care Insurance might pay three times more than a 50-year-old would pay for a policy providing the same benefits. An 80-year-old might pay ten times more than a 50-year-old for the same level of coverage. Also, your health status is “locked-in” upon purchase. Premium costs are partially determined by your health status. However, once you buy a policy and your health takes an exp
Because your premiums will be based on your age and health, the younger you are, the lower your premiums. Premium cost will increase each year that a person waits to buy coverage. Nationally, the average age of one who purchases Long Term Care Insurance is 57. If you do decide to purchase, you can save a significant amount of money by buying sooner rather than later. Premium costs rise dramatically if you wait until you’re older to purchase a policy, because the likelihood that you’ll need long-term care is directly related to your age. As an example, a 65-year-old purchasing Long Term Care Insurance might pay three times more than a 50-year-old would pay for a policy providing the same benefits. An 80-year-old might pay ten times more than a 50-year-old for the same level of coverage. Also, your health status is “locked-in” upon purchase. Premium costs are partially determined by your health status. However, once you buy a policy and your health takes an expected turn for the worse, t
