When Should You Buy Long-Term Care Insurance?
There’s no single right age, but timing affects two things directly. Your premium is based on your age when you apply. Your eligibility is based on your health when you apply. For many people, that makes their 50s and early 60s a practical time to look.
Why does age matter?
Your premium is based on your age when you apply, and premiums generally increase as you get older. Depending on the payment schedule you choose, applying earlier can also mean paying premiums over more years: a tradeoff worth running the numbers on. The NAIC notes that buying at a younger age means lower premiums, but you’ll pay them for a longer period. (NAIC Shopper’s Guide)
Why does health matter?
Long-term care insurance is medically underwritten. Your health history and current conditions affect whether you qualify and at what price, and some applicants complete a cognitive screening as part of the application. A change in health can make coverage harder to get, or unavailable. The NAIC’s consumer guide notes that if you already have health problems that could lead to long-term care, such as Alzheimer’s or Parkinson’s disease, you probably won’t be able to buy a policy. (NAIC Shopper’s Guide)
Is there a maximum age?
Policies have maximum issue ages, and some options, like certain premium schedules, have lower age limits. The closer you are to those limits, the fewer options you’ll have.
Signs it may be time to look
You’re in your 50s or 60s and want to stay home as you age
You’ve helped a parent through care and seen what it takes
You’re reviewing your retirement plan, and care isn’t in it yet
You’re healthy today and want to keep your options open
Staying Power is a licensed insurance agency that helps people understand their options, whatever their age.
To see where you stand, answer a few questions. See also Is Long-Term Care Insurance Worth It?.
Related reading: What Determines Your Long-Term Care Insurance Premium? and What to Expect in Long-Term Care Insurance Underwriting.
Frequently asked questions
Is 50 too early to buy long-term care insurance?
Not necessarily. Premiums are generally lower at younger ages, and you’re more likely to qualify. The right time depends on your budget and goals.
Is it too late at 65?
Not necessarily. Coverage can often still be issued in your 60s, depending on your health and the options you choose. A licensed agent can tell you what’s available.
Can I buy coverage after a diagnosis?
It depends on the condition. Some diagnoses can prevent approval. A licensed agent can help you understand your options.
