Long Term Care – The Age Factor

Posted on Posted in Long Term Care Introduction

Slowly, steadily and gradually, we all tends to age. There is a high possibility that despite of maintaining a good & fit health, you might be coming out of your doctor’s chamber/hospital with a new note, which usually changers in few months. Once you are at 50’s, the medicine keeps you going but sometimes some changes make the going harder.

The age factor plays a major role in deciding when & which Long Term Care Insurance to choose.

Some facts to be remember about age factor while taking a LTC insurance are:-

  • People in good and well maintained health receives special discounts from the insurer.
  • Even if your condition of health changes, the discount remains the same.
  • Remaining & current health condition maybe acceptable.
  • The premium for the LTC are determined upon the age in which you are applying for it.
  • There will be a cost increase in your birthday. It increases in an annual rate of 2-4 percent at the age of 50years & 6-8 percent at the age of 60 years.
  • In the year 2010, the percentage of people at different age who qualify for the LTC are given below
    =>From age 40 to 49,62%
    =>From age 50 to 59, 46%
    =>From age 60to 69, 38%
  • percentage of people who did not qualify for the LTC Insurance in different age group are given below,
    => From 50 to 59, 14%
    => From 60 to 69, 23%

from the above facts and figures we can say that its better to now than late. As per the facts and numbers, the people who took the insurance at the age between 50-59, had faced less rejection than the people who applied for it at the age range of 60-69.

also, as we had mentioned earlier, the premium is decided upon your age in which you apply for the policy, you also get entitled for special discount which remain same in later period even if your health condition changes.

Therefore, after evaluating different data of facts and figures, we can assume that the age factor play a vital role in when and how to apply for the Long Term Care Insurance Policy.