First of all, you should begin considering coverage at the earliest possible age. Most LTC providers only underwrite people who are between the ages of 40 and 80 and who don’t already have impairment to their ability to perform at least five of the six basic Activities of Daily Living, or ADLs. So if you are at least 40 and healthy right now, the time is now to consider buying LTC insurance, as the younger you are when you take out a given policy the greater your amount of options and the lower your premiums.
If you are now considering LTC insurance, it’s important for you to know the features and benefits you want to possibly pay for.
First, consider how comprehensive you want the LTC coverage to be, as this will affect your premiums. For instance, do you want to just cover going into a nursing home, or just home-based health care provided by a nurse, or just adult day care, or a mixture of them all?
Another factor that will affect your premiums is how much daily or monthly coverage you want. The more coverage you select the higher your premiums, but remember if you do need to activate the policy and your future costs are greater than the limit you have selected you will be directly responsible for making up the difference to the health care providers. Also consider whether or not you want a lifetime cap or unlimited lifetime coverage in sum total insurance policy payouts, based on the options available to you based on your age at the time of application.