Premium rates for long-term care insurance have a reputation for being "high" and may be unaffordable to some people. This is usually due to the fact that people postpone investigating coverage until they are too old to receive a reasonable premium rate.
The younger you are when you purchase LTC insurance, the lower your premium will be for the life of the policy. For every year you wait to purchase coverage, your premium will be 8-15% higher. But this percentage does not include the fact that there is an overall upward trend in premium rates in the industry as a whole. When you take this upward trend into consideration, for every year a person waits they will pay an additional 14% to 22% in premium.
This means that if a 55 year old today waits until they are 60 to purchase long-term care insurance, their premium will be at least 50% higher!
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