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You should strongly consider purchasing long-term care insurance as you get older. Long-term care services can be expensiveand since most seniors will need themit is important to plan this cost well in advance. Long-term care insurance can help absorb these additional costs later in life paying services such as nursing homes, assisted living communities, home health aides and more
But, you might be lost if you're in your 50s. After all, at 50, you're more than a decade from retirement age, and it's normal to wonder whether spending money on long-term care insurance premiums now that would be a waste.
On the other hand, you never know when the need for long-term care may arise, and there may be others benefits of purchasing this type of insurance in your 50s. So I should do it buy a policy at age 50? We asked several long-term care experts to weigh in.
Compare your long-term care insurance coverage options today.
Is long-term care insurance worth buying in your 50s? The experts intervene
Long-term care insurance is a strong product to consider in your 50s. For starters, it usually is less expensive and more available when you are younger. “Long-term care insurance in your 50s can be a wise investment,” explains Larry Nisenson, CGO of Assured Allies, a company that helps consumers plan for their long-term care needs. “The cost is lower because premiums are based on your age and health, which are generally better in your 50s. Even an unexpected health change could make coverage more difficult or expensive later.”
“Should you buy long-term care insurance at age 50? Absolutely,” says Virginia Barausky, national director of sales for The Pinnacle Group, a company that helps consumers and financial advisors plan for long-term care needs. long term. “This is the best time to take a look at long-term care policies,” he said. “Policies are priced based on age as one of the factors, and getting a policy in place between your 50s and 60s or 70s will really save you money.”
Not to mention yours 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 better chance of approval (there is an underwriting component to most policies),” Barausky added.
Long-term care insurance is an important source of protection of your children, too. “Those over 50 may have first-hand experience dealing with parents in a long-term care situation,” says Barausky. “This problem becomes present when they look to their own children and do not want to be a burden when they need care.”
It's also important to think about your spouse. “If one spouse needs care, all assets could be spent leaving the surviving spouse with very little,” explains Steve Azoury, ChFC and owner of 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 cover at age 50 can mean you have more benefits to fall back on. A key benefit to buying your policy at this age is that “your policy funds have a longer period of time to grow with the compounding benefit of inflation protection,” explains Lori Martin, trainer at Certification for Long- Term Care, a company that offers certifications. for long-term care insurance agents. “Someone who buys a long-term care insurance policy at age 55 may not need any care assistance until age 85. That's 30 years of inflation protection growth in purchased benefits, still providing more funds to pay for care.”
The bottom line
The conclusion is simple. If you're over 50 and don't already have long-term care insurance, now is a compelling time to buy a policy. Given that your age and health play a role in your premiums and acceptance, purchasing long-term care insurance now can offer you savings. 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.
