No one likes to imagine a future where we might need help with everyday activities like bathing, dressing, or simply getting around the house. But the truth is, as we get older, the chances of needing
long-term care increase—and with it, the potential for
major costs that can catch families off guard.
So, the big question becomes:
When should you buy long-term care insurance? You don’t want to jump in too early and spend money for decades before you ever use the coverage, but you also don’t want to wait so long that the premiums become unaffordable—or worse, you're turned down for coverage altogether.
Let’s walk through what you need to know to make a smart, confident decision.
Younger = Cheaper, But Not Always Necessary
Here’s the good news: the
younger you are when you buy a policy, the
lower your annual premium. But that doesn’t always mean you should buy in your 30s or 40s. Most people don’t consider long-term care insurance that early, simply because they’re focused on raising kids, building careers, and saving for retirement—not planning for something that might happen 30 years down the road.
But
wait too long, and the story changes. In your late 60s or 70s, not only do premiums jump significantly, but it can also become harder to qualify due to health issues.
Let’s take a quick look at what that might look like, using data from the
Genworth 2023 Cost of Care Survey for a basic policy that pays $150 per day for up to three years:
- Age 55:
$2,004/year
- Age 65:
$2,846/year
- Age 75:
$9,603/year
As you can see, costs increase sharply with age—so
your 50s and early 60s are often the sweet spot for balancing cost and coverage.
How to Know If the Timing Is Right for You
Everyone’s financial situation is different, and timing your policy purchase should reflect your personal priorities.
If you’re still supporting kids through college or juggling other major expenses,
life insurance may be your top concern right now—and that’s totally okay. But once those obligations ease up and your children are financially independent, it might make sense to
shift your focus toward long-term care planning. Some people even use the money they were spending on life insurance premiums to fund a new long-term care policy.
What Does Long-Term Care Insurance Actually Cover?
These policies are designed to help pay for services that
aren’t typically covered by health insurance or Medicare, including:
- Nursing home care
- Assisted living facilities
- In-home care
- Adult daycare
- Home modifications (like grab bars or wheelchair ramps)
- Care coordination services
The key? It’s about maintaining quality of life and independence—without wiping out your savings in the process.
Important Features to Know About
When you shop for a policy, you’ll come across a few important terms and choices. Here’s a quick overview of what they mean:
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Benefit Trigger
This is what determines when the policy starts paying out. Most often, it kicks in when you need help with at least
two “activities of daily living” (like bathing, eating, or dressing), or if you experience cognitive decline.
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Inflation Protection (Rider)
Healthcare costs tend to rise over time. That $150/day might be enough today—but 20 years from now? Maybe not. Adding
inflation protection to your policy helps ensure your benefits keep pace. It does raise your premium, but for many people
under 70, it’s worth the added security.
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Elimination Period
This is the waiting period before your benefits begin—typically 30 to 90 days. Choosing a longer elimination period will
lower your premium, but you’ll need to cover your care costs out-of-pocket during that time.
Be Honest About Your Health
Here’s a really important tip:
always be upfront about your health history when applying. It might be tempting to gloss over past medical conditions, but failing to disclose them can lead to a
denied claim later—and no one wants to find that out after paying into a policy for years.
It’s far better to be honest from the beginning. That way, if there’s a problem, you can deal with it early rather than risking heartbreak down the road.
Bottom Line: Planning Ahead Puts You in Control
There’s no perfect “one-size-fits-all” age to buy long-term care insurance. But waiting too long can limit your options and make the coverage too costly—while buying too early might not make sense for your budget.
If you’re in your 50s or early 60s, this could be the right time to start exploring your options. A well-timed policy can give you—and your family—peace of mind knowing you’ve got a plan in place for the unexpected.
Curious if long-term care insurance fits into your retirement strategy? We’re here to help. Reach out anytime to chat through your goals and get clear answers to your questions—no pressure, just smart planning.
