The question of when to buy Long Term Care Insurance in Houston can be perplexing. Consumers naturally don’t want to spend money on this coverage too far in advance and feel like they’ve wasted their precious resources. However, the need for long-term care can arise unexpectedly, and nobody wants to be caught off guard and risk losing all the assets they’ve accumulated over a lifetime.
Only about 20 percent of the population buys this insurance before the age of 55. Some 50 percent start the coverage between the ages of 55 and 64. As with life insurance, the earlier a person starts paying premiums, the more the policy will be worth by a certain age. All things being equal, a consumer who buys Long Term Care Insurance in Houston at age 40 and moves to a nursing home at age 80 will have built up 40 years of contributions, whereas someone who waits until age 60 has only half that amount available. Insurance companies also are more prone to rejecting applications from senior citizens, especially as they reach their elderly years.
An important point to consider is that many policies only cover residency in a skilled nursing facility and not in assisted living. A significantly higher percentage of senior citizens move to assisted living than to skilled nursing centers. People with a family history of certain disabling health problems may feel it’s important to buy coverage for skilled nursing care, whereas others may want to buy insurance that covers assisted living too.
People who have developed certain chronic health disorders may not qualify for this insurance. However, if they are diagnosed with a health problem after signing up for a policy, that policy is locked in and the insurer cannot cancel it. Insurers generally do not consider family history when determining the eligibility of an applicant.
An independent agency such as MyersYounger LTC can help consumers learn about the various options and pricing for the coverage. The agency may be able to help someone who has previously been turned down for the insurance and wants to try again. Premiums are based on the age of the applicant when applying.
