When Should You Consider Buying Long-Term Care Insurance?

Long-term care insurance offers a financial safety net in case you need extended assistance with daily activities or cognitive support later in life. But it is not something to delay until you need care. Like most insurance products, the earlier you plan, the more options you have and the more affordable those options tend to be.

Knowing when to apply is a balance between cost, eligibility, and the role this insurance plays in your overall financial plan.

Ideal Ages to Consider Coverage

Most people begin exploring long-term care insurance in their 50s or early 60s. This window offers a strategic balance: you are close enough to retirement to picture your long-term needs, but likely still healthy enough to qualify for affordable coverage.

Age Range	What to Know
40s	May be too early unless there is a family history or strong risk concerns
50s	Often the best time to apply. Premiums are more manageable and options are broad
60s	Still eligible, but premiums rise quickly. Medical underwriting becomes stricter
70s and up	Coverage may still be available but is often limited or expensive

Tip: If you apply early and secure a level-premium policy, your costs remain fixed, even as you age or if your health changes.

What Triggers the Right Time to Act

Beyond age, there are life and financial milestones that can signal the right time to add this coverage:

Approaching retirement
As you move from income-earning to asset-drawing years, long-term care costs could pose a threat to your retirement savings.
Noticing family health patterns
If you have parents or siblings who needed care, it may be wise to prepare for similar needs.
Reaching financial independence
If your savings are on track, protecting them becomes just as important as growing them.
Updating your estate plan
Incorporating long-term care insurance during this stage helps preserve wealth for heirs and prevents forced asset liquidation.

Why Waiting Can Be Risky

Waiting to buy coverage may feel like a way to save on short-term premiums, but it introduces other risks:

Higher premiums later
Even a delay of five years can double the cost of coverage, especially if your health changes.
Potential disqualification
A diagnosis of diabetes, arthritis, or memory loss can make you ineligible or lead to exclusions.
Limited benefit options
As you age, insurers may cap the benefit amount or shorten the coverage period you can choose.

Caution: You cannot apply for long-term care insurance once you already need it. By the time care is required, it is too late to secure new coverage.

How to Fit It Into Your Financial Plan

Adding long-term care insurance should support your larger goal of financial security and independence. It makes sense to consider it once:

You have enough assets to protect
You are nearing retirement and want to avoid drawing down your savings for care
You value having more choices in how and where you receive care