Long-Term Care Insurance - Who Are the Buyers: Vans and Long-Term Care Insurance Deal

Long-Term Care Insurance - Who Are the Buyers?

The average buyer of individual long-term care insurance in America is approximately 58 years old. This has dramatically decreased from the high 70’s only a decade ago. In the workplace (employer sponsored plans), the average age LTCi buyer is only 41 years old. Many employer sponsored programs, however, do not subsidize the cost of the plans. The advantage to the some employer sponsored plans is that they may offer “simplified underwriting” or even “guaranteed issue.” So, you still need to purchase the long-term care insurance policy.

Underwriting is a true concern in obtaining a long-term care insurance policy, let’s face it, if you don’t die, you live. And if you live, you get older, you get sicker and with modern medicine you are kept alive with some ailments. So, you will need long-term care insurance. The main impetus for coverage is the high cost of health care and the realization by many baby boomers that their basic health insurance and programs such as Medicare will not cover long-term care costs

The advantages of purchasing LTCi when you are younger are hard to overlook. The younger buyer has less health concerns to deal with when it comes to getting underwritten and approved by an insurance company. When you are younger your chances of getting a preferred health discount is greater. If you combine that with a martial or partner discount you can be saving up to 50% on your premiums.

Many people who apply for LTCi are taking multiple medications, could possibly have had a history of cancer, heart problems or even diabetes. The key to any health issues is control as well as height and weight to be within the underwriting guidelines (which are very generous, except when combined with some ailments). Companies want to see that you are stable and that you don’t have conditions that will cause you to become disabled.

It is important to consult with a long-term care insurance specialist when learning about what your options are. The top carriers have different underwriting guidelines when looking at the client as a whole. What may be a decline to one carrier may be approved with another. A long-term care specialist will be your advocate to fit you with the best company.

Long-term care insurance has been long viewed as something to purchase at retirement age but with the chances increasing that as you age you may the coverage will cost more money than if you had applied in your 40’s or 50’s. Every year that a person wails to buy LTCI could cost you 10%- 12% in premium.

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Long-Term Care Insurance - Who Are the Buyers?

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Long-Term Care Insurance Deal

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