Many people ask, "When is the right time to buy “long term care insurance?" Some consumer advocates feel the right time to buy coverage is when you are in your 50's. Other financial experts feel that long term care insurance is best purchased after the age of 60. So, what is the right answer? Or is there a best age to consider long term care planning?

There really is not a specific age to buy long term care insurance. Some people chose to buy it in their later 40's. Others buy long term care policies in their 70's. The best time for you to consider planning for long term care should be when you are concerned about the high costs associated with receiving long term health care and your long term care insurance premium will not change your retirement lifestyle while you are healthy enough to be accepted for the coverage. If these three factors are present, then it is the right time to buy long term care insurance. Long term care insurance is bought with your good health

There is an old saying that says, "You buy long term care insurance with your health. You pay long term care insurance premiums with your money." For this reason we believe looking into long term care insurance while you are in your fifties does make some sense. As you age, you are more likely to develop health conditions that will make you uninsurable. According to the American Association for Long Term Care Insurance (AALTCI) a long term care applicant has a 1 in 7 chance of being turned down in their fifties, while having a 1 in 4 chance of being turned down in their sixties. Therefore, if you know you want to have the coverage, it is best to apply before a change in your health prevents you from buying long term care insurance.

Long term care insurance premiums are lower at younger ages. Many people are starting to buy long term care insurance at younger ages. Premiums for long term care insurance do begin to increase for applicants over the age of 65, so there is a good reason to apply at an earlier age. In fact a long term care insurance premiums for a 55 year old is half of the premium for a 65 year old.