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If you’re in your mid-50s, now’s the time to act if you want to purchase a long-term care insurance policy. While those approaching this age have a little more time to act, those who are a bit older may have a hard time finding the ideal rate for the type of coverage they need.

Why Is Long Term Care Insurance Necessary?

The reality is that long-term care insurance isn’t necessary, but it can make the latter years of your retirement a lot more comfortable when you need more specialized care. A semi-private nursing home anywhere in the United States can cost around $80,000 per year.

Although that covers all kinds of important elder care, most people don’t have that kind of cash on-hand – especially when they are in a nursing home for several years.

Can’t I Just Apply for Medicaid?

Medicaid planning should be your backup plan when you don’t have long-term care insurance. Applying for Medicaid when you need it to afford a nursing home can be a very stressful legal and financial ordeal. On top of it all, your options for a nursing home are limited to the number of Medicaid beds available, which isn’t guaranteed.

The Sooner You Buy, the Better Your Rate

It’s understandable why people hesitate on long-term care. Why purchase insurance if you’re not even sure you’re going to use its benefits? As with any type of insurance, however, having benefits when you need them most far outweighs not having them.

With that said, you can maximize the cost-effectiveness of your long-term care insurance by purchasing a policy in your early 50s or as you approach your 50s. As soon as you hit your 50s, you can expect your annual premium to jump 2%-4% with every passing birthday. By the time you reach your 60s, these jumps can span 6%-8% increases per year.

By locking in a better rate at a younger age, you can save more money on your long-term care insurance policy – even if you don’t expect to need it until 15, 20, or 25 years in the future.

If you’re interested in speaking with someone about purchasing long-term care insurance, contact our experts online!