How about 63, 65, 72, 84? Pick a number as we have heard it all in our office. The truth is there is no advantage to waiting to get a long-term care plan as the younger you are the more options you will have and the more insurance you will get for the same investment. However, if you have waited, it doesn’t mean you should assume you are too old as new options are available.
Today we have plans that will accept clients up to age 85. The Asset Based plans have not only extended the age range, but they have made it easier to qualify for long-term care plans as the underwriting guidelines are much less stringent. We regularly help clients put plans in place that are well into their 70’s and even early 80’s. Many of these people were told they were too old for long-term care insurance or would not qualify due to health condition.
Keep in mind, it is not necessarily your age that determines your eligibility, it is your health. All of us are one doctor’s visit away from not being able to put a plan in place. However, the new Asset Based options will accept many clients who may not qualify for traditional as the underwriting requirements are not as stringent.