Considering long-term care insurance now? 3 reasons to apply before 2025

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By applying for long-term care insurance now, seniors can put a cost-effective plan in place for 2025. Getty Images
While inflation and interest rates both declined in recent months, the economic burden felt from years of high borrowing costs and more expensive daily living will take some time to lessen. Unfortunately, for many seniors and older adults reliant upon restricted budgets, much of the damage has already taken place. For this demographic, then, it may be worth exploring ways to reduce additional costs to come.
One great way to do so is by purchasing a robust long-term care insurance plan. This unique insurance type can help cover the costs of in-home caretakers (including family members and friends), nursing homes, assisted living facilities and more. Like all insurance types, however, delaying an application could be a costly decision in more ways than one.
With a new year quickly approaching, then, it’s helpful to understand the reasons supporting a long-term care insurance application now, before 2025. Below, we’ll break down three of them.
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3 reasons to apply for long-term care insurance before 2025
Here are three big reasons why those considering long-term care insurance may want to apply before January 2025:
Lower premiums
Every calendar year that passes puts applicants into a different risk pool. And riskier applicants are more expensive to insure and that expense is often passed on to applicants in the form of higher premiums. So if you know you need the financial support of a long-term care insurance plan, strongly consider applying now, even before 2025. Waiting for the new year could complicate your application and cause your prospective premiums to be higher than if you had been proactive and applied at a younger age.
This is not an exact science and the premium you’re charged in the first quarter of 2025 may be the same one you get quoted now, depending on the provider. But it’s also possible, if not likely, that you’ll pay more for a plan in 2025 than you would have if you applied now. So don’t take that risk.
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More comprehensive care
A lower price point isn’t the only compelling reason to apply for long-term care insurance (or any insurance type) earlier than later. If you’re looking for more comprehensive care at a more affordable price, it makes sense to apply sooner, including for those considering long-term care. If you delay an application until you need the care or until much later in life, you risk being denied altogether. For those seniors and older adults who know they don’t have the financing to cover these inevitable costs, then, it’s smart to start researching prospective policies and providers now.
A head start on the elimination period
Many insurance policies have elimination periods, the time in between being approved for a policy and when it can be utilized. With long-term care insurance elimination periods ranging significantly from 0 to 120 days, approximately, it behooves savers to start as soon as possible. It will be easier and significantly less expensive to complete this elimination period when you don’t require an in-home caretaker or nursing home, for example, versus when you do. Weigh the costs of waiting carefully.
The bottom line
There’s a compelling case to be made for those considering long-term care insurance to act now, before the new year rolls around. By being proactive, these prospective applicants can potentially lock in a lower premium, more coverage choices and start crossing off the days in their elimination period. That said, each individual’s financial situation and preferences differ and, in some cases, delaying action may be the right choice. This is why it’s worth speaking to a financial advisor and a long-term care insurance representative who can present a fuller picture of this unique insurance protection.