I am currently doing the digging to get this in place for myself. No need for my kids to go through what I have. So I found that it is much cheaper to get it at say 60 than 61 seems to be a steep increase there. I currently carry substantial life insurance (term) and have found there is something called a hybrid policy that has a death benefit if you do not need the LTC or if you do need the LTC you can use it for that. There is a hefty payment upfront, but looking at it over a 25 year term it is VERY reasonable and covers two things at once. I would be able to drop the life insurance and just carry this one thing which would be a nice savings. Worth looking into.
My husband's LTC insurance was a rider on his healthcare policy. The healthcare was cancelled Jan 2014 because the policy did not meet the new ACA requirements and the company would no longer write in Texas. The cancellation notice we received related only to healthcare and we did not realize the LTC was cancelled. Now the broker says he can do nothing, the insurance company won't return our calls, and at age 83 my husband is probably too old to get a new policy. How could we get any leverage in re-instating his existing policy or finding affordable LTCcoverage? Should we file a complaint with the Texas Department of Insurance?
We have LTC policies and feel lucky to have gotten them, they are no longer being offered by our company. I did read in the news recently, that LTC policies are starting to check your BMI (body mass index) and charging more for those with "obesity" according to the BMI. So you might want to lose any extra weight before applying.
Oftentimes, people 80 years and older are denied of long term care (LTC) insurance. It is advisable to buy it while you are in your 40s-50s, the premiums are affordable and there is little chance that you will be declined. However, insurance providers have pre-existing conditions so if you already have an illness that is in their list of pre-existing conditions, there is a big probability that you will be declined. The rules of different providers regarding the health of a person differs, but AIDS, Alzheimer's, dementia or even multiple sclerosis are usually in their list so it pays to talk to a professional and different providers so you will be more informed. Independent organization like aaltci and infolongtermare provides free quotes online and comprehensive guides in buying long term care insurance so before buying, do some research first.
The short answer is "no." But Bob Bua is right, the younger the person is, the less expensive the policy. The other condition to consider is the purchaser's current health. A doctor's certificate is helpful.
Ask around. If you are considering a particular facility, part of the entrance policy may be that the resident have long-term health insurance. That means they can put you in touch with people in the facility who already have a policy. Do your own investigation as well. "Angie's List" will provide you with a place to start.
The best time to buy a long term care insurance policy is one month before you need to make a claim. That way, you would only pay one month's worth of premium and then you would receive benefit payments from the insurance company for many years to come.
Unfortunately, none of us knows what month that will be. None of us knows when we're going to need care. Some people will never need care. Others won't need care until their 80's or 90's. But, many will need care in their 60's and even their 50's and 40's, (e.g. Christopher Reeves and Michael J. Fox.) How then can we come up with a "rule of thumb" for determining the best time to purchase a long term care insurance policy?
Since long term care insurance is nothing more than income and asset protection, we should use a "financial model", not an "age or health" model for determining the best time to purchase long term care insurance.
I think the time to purchase a long term care policy is when you can comfortably afford the premium without sacrificing contributions to your retirement accounts. www.LTCShop.com
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Is there an age limit, or health restrictions that would prevent a person from getting long-term care insurance?
I did read in the news recently, that LTC policies are starting to check your BMI (body mass index) and charging more for those with "obesity" according to the BMI. So you might want to lose any extra weight before applying.
Ask around. If you are considering a particular facility, part of the entrance policy may be that the resident have long-term health insurance. That means they can put you in touch with people in the facility who already have a policy. Do your own investigation as well. "Angie's List" will provide you with a place to start.
Good luck, and God bless.
Unfortunately, none of us knows what month that will be. None of us knows when we're going to need care. Some people will never need care. Others won't need care until their 80's or 90's. But, many will need care in their 60's and even their 50's and 40's, (e.g. Christopher Reeves and Michael J. Fox.) How then can we come up with a "rule of thumb" for determining the best time to purchase a long term care insurance policy?
Since long term care insurance is nothing more than income and asset protection, we should use a "financial model", not an "age or health" model for determining the best time to purchase long term care insurance.
I think the time to purchase a long term care policy is when you can comfortably afford the premium without sacrificing contributions to your retirement accounts.
www.LTCShop.com