Why Might a Young Person Buy Long-Term-Care Insurance?

Shawn Plummer

CEO, The Annuity Expert

Long-term-care insurance is typically associated with the elderly, who might require assistance in their twilight years. But would you be surprised to learn that younger people are increasingly exploring this option? Let’s delve into why would a young person buy long-term-care insurance and how it could be a smart move for their future.

Confused About Long-Term Care Insurance?

Are you new to LTCI and unsure where to begin? Visit our Learning Lab for expert guidance and insights.

Understanding Long-Term-Care Insurance

Long-term-care insurance is designed to cover the costs of services that assist individuals with basic daily activities, such as bathing, eating, and dressing, especially when they can’t do these on their own due to illnesses, disabilities, or cognitive impairments.

Example: Imagine a 30-year-old, Alex, who recently had a severe car accident. While his health insurance covers immediate medical bills, long-term-care insurance can help cover rehabilitation and daily living assistance costs.

Difference Between Health Insurance and Long-Term-Care Insurance

While health insurance typically covers hospital bills and medical treatments, long-term-care insurance is centered on aiding individuals with daily living activities over an extended period.

Rising Health Uncertainties

In today’s fast-paced world, the unexpected can happen anytime. Accidents, early-onset diseases, or other health challenges are uncertainties that anyone, including younger individuals, might face.

Example: A 28-year-old software engineer, Jade was diagnosed with early-onset Parkinson’s disease. She could access caregiving services without financial strain thanks to her foresight in purchasing long-term-care insurance years earlier.

Young Person Ltc

Financial Prudence

Purchasing long-term-care insurance at a younger age can be a savvy financial decision. Premiums tend to be lower, allowing younger individuals to lock in favorable rates.

Example: Daniel, who started his policy at age 25, pays significantly less premiums than his friend Mark, who started at age 50, even though both get the same coverage benefits.

Protecting Personal Savings

Younger people can protect their savings and assets by investing in long-term care insurance. Without such insurance, the high cost of care can deplete savings rapidly.

Peace of Mind for Loved Ones

Having a plan in place provides peace of mind for the individual and their loved ones, knowing that there’s a financial safety net in case of unexpected health challenges.

Example: Lisa’s family felt relieved knowing her long-term-care insurance would help with caregiving expenses when she faced a surprise health complication, allowing them to focus on emotional support.

Flexibility in Choosing Care

Long-term care insurance can offer flexibility in the type of care one receives, whether in-home care, assisted living, or other services.

Example: Tom, despite his spinal injury at age 32, could choose home-based care through his long-term-care insurance, allowing him to recover in the comfort of his house.

Quality of Care

Insured individuals often have access to higher-quality care, ensuring they receive the best services tailored to their needs.

Preparing for the Unpredictable Future

While no one likes to think about potential disabilities or cognitive challenges in the future, it’s always better to be prepared. Starting a policy younger means better preparedness for whatever the future might hold.

Example: Sarah, who bought her policy at 27, faced an unexpected neurological disorder at 40. But with her foresight, she was financially ready to face the challenge head-on.

Next Steps

Purchasing long-term care insurance isn’t just for the elderly. As we’ve seen, there are compelling reasons: “Why might a younger person buy long-term-care insurance?”. From financial prudence to peace of mind, it’s a step towards securing an unpredictable future. Whether in your 20s, 30s, or older, considering long-term-care insurance can be a wise and proactive decision for your health and financial well-being.

Why Might A Younger Person Buy Long-Term-Care Insurance

Request A Quote

Get help from a licensed financial professional. This service is free of charge.

Contact Us

Frequently Asked Questions

Do long-term care premiums increase as you age?

Long-term care insurance premiums are generally fixed at the time you purchase the policy, but that doesn’t guarantee they’ll never increase. Insurers can raise premiums for an entire class of policyholders, but not based on your individual age or health changes. Always read the policy terms carefully.

Is life insurance with a long-term care rider the same as long-term care insurance?

Life insurance with a long-term care rider and standalone long-term care insurance are not the same. The rider allows you to convert your life insurance to long-term care needs, often reducing the death benefit. Standalone long-term care insurance focuses solely on covering long-term care expenses. Both have different features, costs, and payout structures

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

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

Scroll to Top