What is the True Cost of Waiting?

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This chart shows the cost of waiting 5 years from now to purchase Long-Term Care Insurance
 

Age Daily Benefit Projected Premium
if Bought Today1		 Projected Premium
to Wait Until Age 572
52
$380.00
$3,477.00
Uninsured
53
$399.00
$3,477.00
Uninsured
54
$418.95
$3,477.00
Uninsured
55
$439.90
$3,477.00
Uninsured
56
$461.89
$3,477.00
Uninsured
57
$484.99
$3,477.00
$5,101.00
58
$509.24
$3,477.00
$5,101.00
59
$534.70
$3,477.00
$5,101.00
60
$561.43
$3,477.00
$5,101.00
61
$589.50
$3,477.00
$5,101.00
62
$618.98
$3,477.00
$5,101.00
63
$649.93
$3,477.00
$5,101.00
64
$682.43
$3,477.00
$5,101.00
65
$716.55
$3,477.00
$5,101.00
66
$752.37
$3,477.00
$5,101.00
67
$789.99
$3,477.00
$5,101.00
68
$829.49
$3,477.00
$5,101.00
69
$870.97
$3,477.00
$5,101.00
70
$914.52
$3,477.00
$5,101.00
71
$960.24
$3,477.00
$5,101.00
72
$1,008.25
$3,477.00
$5,101.00
73
$1,058.67
$3,477.00
$5,101.00
74
$1,111.60
$3,477.00
$5,101.00
75
$1,167.18
$3,477.00
$5,101.00
76
$1,225.54
$3,477.00
$5,101.00
77
$1,286.81
$3,477.00
$5,101.00
78
$1,351.16
$3,477.00
$5,101.00
79
$1,418.71
$3,477.00
$5,101.00
80
$1,489.65
$3,477.00
$5,101.00
81
$1,564.13
$3,477.00
$5,101.00
82
$1,642.34
$3,477.00
$5,101.00
83
$1,724.46
$3,477.00
$5,101.00
84
$1,810.68
$3,477.00
$5,101.00
85
$1,901.21
$3,477.00
$5,101.00

If you wait until age 57, it will cost you an additional $29,711.00 in Premium.

Even if you saved the first 5 years of premiums at 4% interest and a 33% Tax Bracket, it would still cost you an additional $11,368.85 and you were uninsured for 5 years.

Most Importantly, if an unexpected Health condition arises, you might not be able to qualify for the protection if you wait.

1. Interest credited at the end of the year. Hypothetical premium based on $ $380/Day, 100% Home Health, Three Year, 3% Compound Inflation Rider and 90 Day Elimination Period with Spousal & Preferred Discounts. Policies vary, consult your agent about specific plan design and premiums for your individual situation.

2. US Department of Health and Human Services - National Clearinghouse for Long-Term Care Information, April 2012