I know that many American men and women are wondering that what is the best age to buy long term care insurance. Here we will take a look at what are the costs for this type of insurance policy and hopefully it will help you to find out that what is the best age for you to buy long term care insurance.
There is no doubt that the biggest problem when buying this type of insurance is that when exactly should you buy it. You do not want to buy it at too young of age because then you end up paying for it for too long. Then on the other hand you do not want to buy at too old age because then the yearly costs for your policy will be extremely high.
Now let’s approach this through couple of examples:
Person of the age of 55 buying comprehensive long term care insurance. Now let’s say that he or she wishes to purchase a type of policy that has a $100 maximum daily benefit. If the person gets the spousal discounts they would end paying approximately $700 per year for their policy. Without the spousal discount the yearly costs would be little over $1,000.
Person of the age of 65. For a person ten years older looking to buy same type of long term care policy, the cost would be $1,300 with the spousal discount and $2,000 without the discount. So compared to the younger person, it is pretty much double what he or she would end up paying.
Many insurance experts suggest that the best age to buy this type of insurance is from the mid to late 50’s. Now this may not be true for every person, but it is a pretty good guideline to follow. You should also know that the prices can vary a lot between different insurance providers and that is why you should always compare the price quotes from many different insurance companies.