What is the Most Economical Way to Buy Long-Term Care Insurance?

Shawn Plummer

CEO, The Annuity Expert

Why Buy When Younger and Healthy

Buying long-term care insurance at a younger age and while healthy is generally more economical. Here’s why:

  • Lower Premiums: Premiums are typically lower for younger, healthier individuals as they pose a lower risk to insurers.
  • Fewer Health Restrictions: Being in good health increases your chances of qualifying for coverage, as pre-existing conditions might limit eligibility or increase costs.

Limited Pay Options: 10, 20 Years

Opting for a limited pay option, such as a 10 or 20-year payment plan, can be cost-effective. This approach involves:

  • Paying Off Quickly: Premiums are paid over a shorter period (e.g., 10 or 20 years), after which no further payments are required while coverage continues.
  • Long-Term Savings: This can result in overall cost savings, as you avoid prolonged payments that may increase with age or changing health conditions.

Using an Annuity to Fund Long-Term Care Insurance

Annuities can be a strategic way to fund long-term care insurance:

Comparing Long-Term Care Insurance Payment Strategies

Buying Young & HealthyLower premiums, easier qualificationRequires early financial planning
Limited Pay OptionFixed payment duration, potential cost savingsHigher annual payments compared to life-pay
Using AnnuityRegular income for premiums, combined benefitsRequires initial investment in an annuity


Choosing the most economical way to buy long-term care insurance involves considering your age, health, and financial strategy. Buying when younger and healthy, opting for a limited pay option, and utilizing an annuity can offer significant savings and benefits.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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