Study Finds Younger LTC Buyers

Study Finds Younger LTC Buyers

NBC News highlighted a study this week that points out a potential link between increased prescription drug use among baby boomers and the potential for higher rates of Alzheimers and other brain-related cognitive disorders.  The findings are used to surmise that Americans are researching, and buying, Long Term Care Insurance policies at younger ages than ever.  In the fifteen years of data used to tabulate statistics, analysts found a steady and precipitous drop in the average age of LTC buyers.

In 2013, the findings revealed that the average buyer is age 56.1.  We looked at our own internal data and found the mean, median, and mode of LTC buyers to all be “60.”  Part of the reason for this is that by 60 most of us have our mortgage either paid off or close to being paid off.  The kids are out of college or will be very soon — it depends on how many degrees they decided to get.  By age 60, retirement is on the horizon and most of us are still healthy.  The debate of the best age to buy a policy is mostly settled by age 60.  If you’re ever going to buy a policy, age 60 should be considered the last time to do it.  Buying at a younger age can actually save you money as we point out in our blog post.

With industry statistics on average buyers ranging from 53-60, it’s important to remember that coverage can be purchased from ages 18-74 with most companies.  To date, our youngest client was 38 and oldest was 74.  Over age 67, we see a decline rate (meaning the insurance companies decline to offer coverage) of over 50%.  CNBC reported in 2012 that the industry average was 45%, meaning the decline rate has increased.  It’s heartbreaking for everyone involved when a willing and able buyer is unable to get coverage because they’ve accumulated an unfavorable health history.  If you’re reading this and under the age of 60, consider buying coverage if you are confident in your ability to pay annual premiums.  The younger you are when you buy, the better off you’ll be.

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