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You should strongly consider the purchase long-term care insurance as you get older. Long-term care can be expensivesince then most older adults will need themit is important to plan those costs well in advance. Long-term care insurance can help you cover these additional costs to pay later in life services such as nursing homes, assisted living communities, home care assistants and more.
But you may find yourself at a loss in your 50s. After all, at 50, you’re more than a decade away from retirement age and it’s normal to wonder if you’re spending money on premiums for long-term care insurance now would be a shame.
On the other hand, you never know when the need for long-term care may arise – and there may be more advantages of taking out this type of insurance in your fifties. So you should too buy a policy when you’re fifty? We asked several experts in the field of long-term care to give their opinion.
Compare your long-term care insurance coverage options today.
Is long-term care insurance worth buying in your 50s? Experts weigh in
Long-term care insurance is a strong product to consider in your 50s. For starters, it’s typical cheaper and more available when you are younger. “Long-term care insurance in your 50s can be a wise investment,” explains Larry Nisenson, CGO at Assured Allies, a company that helps consumers plan their long-term care needs. “Costs are lower because premiums are based on your age and health, which are generally better in your 50s. Even an unexpected change in your health can make it difficult or expensive to get coverage later.”
“Should you get long-term care insurance in your 50s? Absolutely,” explains Virginia Barausky, National Director of Sales at The Pinnacle Group, a company that helps consumers and financial advisors plan for long-term care needs. “Now is the best time to take a closer look at long-term care policies,” she said. “Policies are priced based on age as one of the factors, and if you put a policy in place when you’re 50, rather than when you’re 60 or 70, you can really save money.”
Not to mention your health plays a role in the affordability and availability of coverage. “Most people in their 50s tend to be very active and healthy, which allows for a higher likelihood of approval (most policies have an underwriting component),” Barausky added.
Long-term care insurance is an important source of concern protection for your children, at. “People over 50 may have firsthand experience dealing with parents in a long-term care situation,” Barausky says. “This issue becomes central as they look at their own children and don’t want to be a burden when they need care.”
It is also important to think about your partner. “If one spouse needs care, all assets can be spent, leaving the surviving spouse with very little,” explains Steve Azoury, ChFC and owner of the financial planning firm Azoury Financial. “This could make buying long-term care insurance while you’re still young worthwhile, shifting the risk of needing care to the insurance company.”
Finally, buying your coverage in your 50s can mean you have more benefits to fall back on. A key benefit of buying your policy at this age is that “your policy funds have a longer period to grow with the inflation protection compound benefit,” explains Lori Martin, trainer for Certification for Long-Term Care, a company that certifications provided. for long-term care insurance agents. “Someone who purchases long-term care insurance at age 55 may not need any healthcare assistance until age 85. That’s 30 years of inflation-protected growth on purchased benefits, leaving even more money available to pay for care.”
it comes down to
The bottom line is, it’s simple. If you’re in your 50s and don’t yet have long-term care insurance, now is an attractive time to get a policy. Considering that your age and health play a significant role in your premiums and underwriting, getting long-term care insurance now can save you money. And since a long-term care event can also impact your children, spouse and other loved ones, purchasing a policy can provide peace of mind for everyone involved. Compare your long-term care insurance coverage options today.
