Best Time To Buy Long Term Care Insurance

80% of people over age 85 need assistance based on research from the U.S. Census Bureau. More than 50% of people age 65 and older also need assistance. Does this mean you should wait to buy Long Term Care insurance? NO!

The younger and healthier you are, the less premium you will pay over the course of your lifetime. For example, if three people, ages 50, 70 and 80 purchase the exact same coverage, and they live to age 90, they would pay:

AGE	ANNUAL PREMIUM	PREMIUM PAID UNTIL AGE 90
50	$914.	$36,560.
70	$2287.	$45,740.
80	$5732.	$57,320.
(Keep in mind that one stay in a nursing home could cost more that $175,000. See What is the Cost of Long Term Care? for more information.)

A common misperception about long-term care insurance is that it is only for seniors. Even young people can become temporarily or permanently incapacitated due to illnesses or accidents. Approximately one-third of LTC cases are people under 60.

Stroke is the leading cause of long-term, severe disability in Americans. About 4.4 million stroke victims are living today; about 600,000 Americans will suffer a new or recurring stroke each year*. One-third of the 700,000 stroke victims in the U.S. are under age 65**. In addition, approximately 1.5 million Americans experience a traumatic brain injury (TBI) each year. About 50% of these result in at least a short-term disability. *

*University of Alabama Hospital, 2004
*U.S. News & World Report, 1999