Am I Too Old to Take Out a Long-Term Care Insurance Policy?

Am I Too Old to Take Out a Long-Term Care Insurance Policy?

Long-term care is certainly a significant concern for people over age 65. According to the U.S. Department of Health and Human Services, 70% of those over age 65 will need some type of long-term care services during their lifetime. More than 40% will require care in a nursing home for some period of time.

For a normally healthy and active person, the simple act of growing older does not really alter the likelihood that one might some day need long-term care coverage. But given the relatively high possibility that someone will eventually claim benefits under a typical long-term care policy, it may help to consider a policy as a combination of insurance and a saving plan. So it stands to reason that the less time between starting to save and drawing benefits, the greater the premium needed to ensure that enough resources are accumulated to pay those benefits. Consider that a policy which might cost less than $1,000 per year for someone taking it out at age 50 might cost twice that if the person waits until age 65, and it could triple again if the person waits until age 75. In other words, the key issue may not be your age when you initiate coverage, but your ability to finance the cost at whatever age you begin.

Of course, this is only a rough guidepost drawn from national averages. Actual policy cost depends on the total amount of coverage offered in the policy, the types of services covered, the application of deductibles, and whether or not the policy includes periodic inflation adjustments.

Also keep in mind that this applies only to people who continue to show no signs of degenerative disease or disability when they apply for coverage. People who do have significant symptoms (at any age) can be excluded from coverage or required to pay significantly higher premiums.



Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content.

© 2016 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.

Active TRS Members – You Could Be Eligible for an ...
Understanding Your Required Minimum Distribution -...

By accepting you will be accessing a service provided by a third-party external to


2350 Fruitville Rd., Ste. 201
Sarasota, FL 34237
941.952.1188 p
941.952.1184 f

HOURS: M-F, 9:00-5:00 ET


444 E. Hillcrest Dr., Ste. 230
DeKalb, IL 60115
815.748.2130 p
815.748.3401 f

HOURS: M-F, 9:00-5:00 CT

Securities Offered through LPL Financial Member FINRA / SIPC.  Financial Planning and investment advice offered through Walsh & Associates, a registered investment advisor. Walsh & Associates is a separate entity from LPL Financial. The LPL Financial registered representative associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
JOSEPH PATRICK WALSH JR, whose state of domicile is Florida and principal place of business is the Sarasota, Florida address above, holds CA Insurance #0I66674.