It is easy to put things off until tomorrow, we all do it. But some things in life are too important to ignore. Waiting to purchase long-term care insurance is one of them. Waiting can cost more than you think. Not only can it mean higher premiums in the future but it could also lead to an inability to qualify for coverage.
Here are 3 things to think about:
Future health changes can increase rates or limit options. A small change in health or medications can make you ineligible for coverage. For example taking 3 or more medications for blood pressure can disqualify a person from applying for coverage with some carriers.
If you think long-term care insurance is too expensive now it will only get more expensive the longer you wait. Premium costs are partly based on the age you apply for coverage.
Family and work obligations might be getting in the way now but waiting could cause your family to be forced to take care of you, this can become be an emotional, physical and financial burden that is unmanageable for many families without long-term care insurance.