When to Purchase Long Term Care Insurance

By Larry Mitchell
When you're young, vibrant and healthy, it's hard to think years ahead into the future of your health. It's even harder to imagine a serious illness or injury befalling you that could require long term care.

But it's when you're young and healthy that you should consider purchasing long term care insurance.

Like so much in life, being prepared for health emergencies can best be appreciated once you have one. If you ever need to use your long term care insurance coverage, you'll be thankful for your foresight on a daily basis.

Though it's hard to look ahead and consider difficulties that might face you, considering them now can pay you huge dividends in the future. If you purchase long term care insurance while in the prime of your life, you will have the peace of mind that comes from knowing your needs will be taken care of when and if you get ill or injured.

Long term care planning focuses on the growing need for assisted care as individuals are living longer.

When should you consider the purchase of long term care insurance?

For many of us, right now is as good a time as any. First, can you afford to pay the premiums on your long term care insurance policy? Long term care insurance premiums skyrocket with each passing year. Buying a policy in your 40s or 50s may seem unnecessary, but it will lock in a dramatically lower premium for the rest of your life. Depending on your tax situation, age and current salary, there may be some tax benefits for you.

Do you have any health problems now or is there a history of long-term illness in your family? If so, you might want to purchase long term care insurance before you actually need it. If you are already ill or have a long term illness, you might not qualify. It's best to purchase your long term care insurance policy before you get into a situation that could exclude you from getting the coverage you need. If you are ill or already suffering from an injury requiring long-term care, you might not be able to purchase a policy.

Are you younger than 65? Waiting to purchase a long term care insurance policy until you are older than 65 can cost you considerably more than if you purchase at a younger age.

Do you have close friends or family that would happily take on your care needs? Do you want to burden friends or family members with your care? Even if you have close family and friends and might prefer their care to the care strangers would provide, purchasing a long term care insurance policy would give you an opportunity to give your family member or friend a break now and then. You might use the care paid for by your long term care insurance policy to aid you on weekends or evenings, when family members or friends handling your care need a break.

Purchasing your long term care insurance policy while you're healthy is one step toward independence. You can perhaps get a better rate on the policy and you can make decisions about your care before you actually need it.