Sue and Allison,
I am concerned. I’m 61 years old and have seen the consequences of my parents not being financially prepared for extended care. Is it too late to for me to consider long-term care insurance?
No, it’s not too late to consider coverage so that you’re financially prepared. Rates are based on your age and health and so it’s best to look at coverage in your 50’s and early 60’s while you are younger and generally in better health.
Rates can still be affordable in your late 60’s, assuming you are still in good health, by designing a plan with basic benefits that will still provide good coverage.
Carriers will also evaluate your health before offering coverage based on your medical history, cognitive status, and daily activities.
Although medical underwriting can be strict, a person with a generally good health history has a good chance of obtaining coverage. In fact, a nonsmoker in excellent health may even qualify for a 15% preferred health discount.
No matter your age, it’s important to work with an LTC expert who can help you design a plan that meets your needs and fits your budget.