Many people aren’t sure when they should consider buying long-term care insurance. After all, we think of people who need nursing home care as elderly retirees. In reality, a condition requiring long-term care could arise for any of us – at any time.

The cost of long-term care insurance is based largely on your attained age and overall health status when the policy is issued. Buying long-term care insurance in your 40s and early 50s means you’ll pay less in periodic premiums, and will have the coverage you need regardless of what happens to your health later on in life.

According to the American Association of Long-Term Care Insurance (AALTCI), the best time to apply for coverage is in your mid-50s. The rationale behind that age is that for most of us, our health isn’t going to get any better at that point. Changes in your health for the worse could lead to a situation where you are ineligible for coverage. Don’t make the mistake of thinking you can wait until you need nursing home care to buy insurance; at that point, it will be too late.

For many people considering buying long-term care insurance, a big consideration is wanting to protect the assets they’ve worked a lifetime to accumulate from having to be used to pay for nursing home care. You may want to speak to an elder law attorney or estate planning attorney to discuss how long-term care coverage can help you meet your goals for protecting assets and leaving a legacy to the people or charitable organizations that are most important to you

Christopher Ferguson Insurance LLC offers various long-term care policies designed to meet different needs and goals.