Deciding when to purchase long term health care insurance in Texas can be more than a little bit frustrating. No one wants to pay monthly premiums for longer than they have to, but the only way to lock in a low rate is to purchase early while still in good health. Unlike some other types of insurance, long-term care insurance requires that consumers health-qualify in order to receive coverage. A patient’s current health will help determine his or her monthly rate so it’s important to find some balance.
Most doctors insist that the mid-50s are the best possible time to purchase long-term care insurance. When medical patients reach the age of around 55 it is unlikely that they will begin to experience fewer health problems. Individual patients may find that through diet and exercise they feel a little bit healthier, but underlying problems are more likely to be developing the older patients get.
Not only do existing health concerns raise consumers rates, but in some cases, they can prevent them from qualifying at all. In 2010 23% of applicants in their 60s were declined coverage, primarily due to health concerns. Those who were accepted paid more than fellow applicants who were younger at the time of purchase, even those in similar health.
Premiums rising as consumers age is not the only reason that buying long term health care insurance in Texas at a younger age is a good idea. Most policies include a clause that accounts for rising cost of living. Similar to how a patient’s overall health is unlikely to improve after their mid-50s rather than decline, the cost of living is unlikely to suddenly take a plunge. Waiting to purchase a plan can end up costing a lot more as premium rates rise to compensate for the rising cost of living.
Any consumer over the age of 50 who holds significant assets and does not want his or her family to face the burden of care for them when they get old enough to require substantial amounts of help should consider purchasing a plan. Visit the website for more information about available policies.
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