Many people are unwilling to purchase long-term care insurance (LTCI) until much later in life, in their 80s rather than in their 50s, say, but a host of recent articles have been turning up in everything from senior care trade publications to small local dailies, which touch on the subject of the LTCI industry trying to welcome the burgeoning senior baby boomer market. LTCI is an idea many do not want to entertain, and yet aging and long-term care always will be an issue. Some point out that it is obviously in the insurance companies’ favor to have these premium payments rolling in. However, some of them would even point out that even with that being salient, LTCI, although possibly in wolf’s clothing, is still a sheep, because the consumer will pay less if insurance is purchased when they are still young and (hopefully) healthy. Looking into Your LTCI Options? Over time, a LTCI recipient actually pays less, not just incrementally, but as a whole, because the premium is not only based on the age at which you buy, it is typically locked in from the beginning. Here’s an example from an upcoming article by Gilbert Guides

CEO, Jill Gilbert, in Active over 50 magazine:  Once a healthy 55 year old woman gets an LTCI policy at about $1,500 a year, by the time she is 85, she will have only paid $45,000 for thirty years of coverage. However, for that same policy, a 65-year-old woman pays around $2,800 annually, which means that she pays $56,000 for twenty years of coverage;a marked increase. Waiting to buy an identical policy at 75 increases the annual cost to about $7,500; this means that the oldest policyholder in this comparison ends up paying $75,000 for only ten years of coverage;a whopping 400% increase from the 55-year-old woman! Find out how long-term care insurance can help you? Get a free long-term care insurance consultation and quote.