Long-Term Care insurance is not just for older people. It is not what was thought of in the past as “nursing home” insurance. Younger people are buying it, too for a variety of reasons. According to the American Association for Long-Term Care Insurance (AALTCI) more than half of the people who purchase a policy are between the ages of 55 and 64. There is a growing market of even younger buyers. Twenty-six percent of policies are sold to people age 45-54.Younger people are prompted to buy long-term care insurance even though they know they may not use it for 20-30 years. Why?Personal Experience- Many of the younger people are member of the “Sandwich Generation”-people struggling to care for aging parents or family members while still raising their own families. Being caught in the middle gives them firsthand knowledge and experience of just how difficult being a caregiver can be. With this understanding, they don’t want that for their own kids.
Cost of Premium- The premium for LTCi is based on the applicant’s age. That means younger buyers pay less. And even though they may pay for a longer period of time, it’s generally less expensive than waiting to buy. In addition, no one know when the need for long-term care services will arise. The younger age usually is accompanied by a preferred health rating which comes with a discount. So buying young means that they will have coverage in place no matter when it’s needed.Future Insurability-Younger buyers know that if their health were to change tomorrow, they may not be able to purchase LTCi at any price. Buying it while they are young and in good health not only eliminates the concern about future insurability, it also may cost less since young people have a better chance of qualifying for good-health discounts.Pragmatism- The truth is an accident or prolonged illness can happen to anyone at any age. Today’s advances in medicine are saving the lives of people with catastrophic conditions like head injuries, heart attacks and strokes. However, these people still may need months or years of care. And the best way to help pay the bills for Long-Term Care services is with a Long-Term Care policy.
Consulting with a Long-Term Care Specialist simplifies your Long-Term Care Planning. Long Term Care Insurance Pros is an independent broker and works with the top carriers in the industry. These top carriers will give you the confidence that the companies will be there when you make a claim many years after the purchase of your policy.