Age

Your age can have a significant impact on your ability to qualify for long term care insurance coverage and on how much you will pay for that coverage. Many people wait too long to consider purchasing this type of insurance, and then they are shocked by the cost. Those who plan ahead and purchase coverage while they are still active and healthy will find that the expense is much more reasonable. For example, in 2007, the average annual premium for someone aged 50 to 59 was $1,982. The average cost for someone age 70 or older was $3,026.

Insurance companies that offer insurance policies for long-term care are typically restricted by the state insurance commission if they want to raise their rates on existing policies.

For example, they must raise rates on an entire class of policyholders (e.g., those with the same type of policy, who are the same age, etc.). Historically, insurers are more likely to increase rates for new policies rather than raise rates for existing policyholders.

When you purchase a policy, you will need to answer questions about your health, including your family history. The insurance company may also request your medical records from your doctor to assess your current health. The company will use this information to determine whether you are eligible for coverage or not. If your health declines in your later years, you may not be able to secure coverage at all.

Keep in mind that these policies are not just for the elderly. Often, younger people require long-term care due to a disability sustained from an injury or an illness. As long as the requirements for benefits are met, the policies will pay benefits regardless of the age of the insured.