When Is the Best Time to Buy Long-Term Care Insurance?

Timing is one of the most important decisions you will make when it comes to long-term care insurance. Buy too early and you pay premiums for decades before you might need coverage. Wait too long and you risk being denied altogether or paying premiums that are two to three times higher. According to the Administration for Community Living (ACL), about 56 percent of people turning 65 today will need some form of long-term care during their remaining years. The question is not whether to plan, but when to start.

This guide breaks down why age matters, the ideal window for purchasing coverage, how health affects your ability to qualify, and what premiums look like at different ages. By the end, you will have a clear picture of when buying long-term care insurance makes the most financial sense for your situation.

Why Your Age Matters for Long-Term Care Insurance

Long-term care insurance premiums are primarily based on your age at the time you apply. The younger and healthier you are, the lower your annual premium will be. This is because insurers calculate the statistical likelihood that you will file a claim and how many years of premiums you will pay before needing care.

Unlike health insurance sold through the ACA marketplace, long-term care insurance is medically underwritten. That means the insurer reviews your health history, current medications, and sometimes requires a cognitive screening before approving your application. As you age, the odds of developing conditions that disqualify you from coverage increase significantly.

There are two age-related risks when it comes to buying long-term care insurance:

• Premium risk: Every year you delay, your starting premium goes up. A policy that costs $950 per year at age 55 could cost $1,200 at age 60 and significantly more at age 65 or 70.
• Health risk: Among applicants aged 60 to 69, approximately 15 to 20 percent are denied coverage due to health issues. By your 70s, the denial rate climbs even higher.

The Ideal Age Range: Mid-50s to Early 60s

Most financial advisors and insurance professionals agree that the sweet spot for purchasing long-term care insurance is between your mid-50s and early 60s. This range offers the best balance between affordable premiums and practical timing. Here is why this window works so well:

• Premiums are still manageable: At age 55, a single male can expect to pay around $950 per year and a single female around $1,500 per year for a standard policy.
• You are likely still healthy: Most people in their 50s can pass the medical underwriting process without issues.
• Retirement planning is in focus: By your mid-50s, you have a clearer picture of your retirement savings, expected Social Security income, and overall financial situation.
• You lock in a lower rate class: Your premium rate is based on your age at purchase and will not increase solely because you get older.

Some people consider buying in their 40s. While premiums are even lower at that age, you will be paying for coverage for 20 or more years before you are likely to need it. The total cost over your lifetime may actually be higher than if you waited until your mid-50s. That said, if you have a family history of conditions like Alzheimer's or Parkinson's, buying earlier can be a smart move to lock in coverage while you still qualify.

How Premiums Increase with Age: A Cost Comparison

Understanding how premiums change at different ages can help you appreciate the financial benefit of buying sooner rather than later. The following figures represent average annual premiums for a standard long-term care insurance policy with typical coverage of around $150 per day, a three-year benefit period, and a 90-day elimination period.

Individual premiums by age:

• Age 55: Approximately $950 per year for a male and $1,500 per year for a female.
• Age 60: Approximately $1,200 per year for a male and $1,900 per year for a female.
• Age 65 (couple): Approximately $7,000 per year combined for a couple.
• Age 70 (couple): Approximately $14,000 or more per year combined for a couple.

As these numbers show, waiting from age 55 to age 65 can roughly double your combined premium as a couple, and waiting to age 70 can more than double it again. Over 20 or 30 years of paying premiums, the difference in total cost is substantial. A couple that buys at 55 and pays $2,080 per year for 25 years spends about $52,000 in total premiums. The same couple buying at 70 and paying $14,000 per year for 15 years spends $210,000.

Health Qualification Requirements

Unlike Medicare supplement insurance during open enrollment, long-term care insurance does not have a guaranteed issue period. Every applicant must go through medical underwriting, and the insurer can decline your application based on your health history and current condition.

Common conditions that may lead to a denial include:

• Alzheimer's disease or other forms of dementia
• Parkinson's disease
• Multiple sclerosis or ALS
• Recent stroke or heart attack (within the last one to two years)
• Insulin-dependent diabetes with complications
• Current use of a walker, wheelchair, or other mobility device
• Need for assistance with any activities of daily living

The underwriting process typically involves a written health questionnaire, a review of your medical records, and sometimes a phone interview or in-person cognitive assessment. Some insurers also check prescription drug databases. The entire process can take four to eight weeks.

Among applicants aged 60 to 69, roughly 15 to 20 percent are denied coverage because of their health. For applicants in their 70s, the denial rate is even higher. This is one of the strongest arguments for buying coverage before you reach your mid-60s.

What Happens If You Wait Too Long

Delaying your purchase creates a compounding problem. Each year you wait, two things happen simultaneously: your premiums go up and your chances of qualifying go down. Here is what that can look like in practice.

If you are in your mid-60s and develop a chronic condition, you may find that no insurer will offer you a traditional long-term care policy at any price. At that point, your options narrow to self-funding your care from savings, relying on family members, or eventually spending down your assets to qualify for Medicaid.

Medicaid does cover long-term care, but it requires you to spend down your countable assets to roughly $2,000 for an individual before you qualify. This means potentially losing your life savings, investments, and in some cases your home. Many people who delayed buying LTC insurance end up questioning whether long-term care insurance would have been worth the cost when they see the alternative.

Another consequence of waiting is having fewer policy options. Fewer insurers offer policies to applicants over age 75, and those that do typically offer limited benefit periods and higher elimination periods. You may end up with less coverage for more money.

Rate Lock Benefits: How Buying Young Saves Money

One of the key advantages of purchasing long-term care insurance at a younger age is the concept of rate locking. When you buy a policy, your premium is set based on your age at the time of purchase. You will not be charged more simply because you get older or because your health changes after the policy is issued.

It is important to understand that rate locking does not mean your premium can never increase. Insurers can request rate increases from state insurance departments for an entire class of policyholders. However, your base rate will always reflect the lower age at which you originally purchased the policy. Someone who bought at age 55 and experiences a 20 percent class-wide rate increase will still pay less than someone who bought the same policy at age 65.

Here is a simple example. A man who buys at age 55 and pays $950 per year will pay $28,500 over 30 years if premiums stay level. The same man buying at age 65 at $1,800 per year would pay $36,000 over 20 years for the same coverage. The earlier buyer pays less in total and has 10 additional years of protection.

How to Plan Ahead for Long-Term Care Insurance

Planning ahead means more than just picking the right age to buy. It involves understanding your financial picture, evaluating your family health history, and choosing the right type of policy for your needs. Here are steps you can take to prepare:

1. Assess your family health history. If parents or grandparents needed long-term care, you may be at higher risk and should consider buying earlier.
2. Review your retirement savings. Determine whether you could self-fund $300,000 or more in long-term care costs without devastating your finances. If not, insurance makes sense.
3. Compare policy types. Traditional long-term care insurance, hybrid life insurance with LTC riders, and short-term care policies each have different advantages. Understand the trade-offs before you commit.
4. Get quotes from multiple insurers. Premiums, benefits, and underwriting standards vary significantly between companies. Shopping around can save you hundreds of dollars per year.
5. Talk to a financial advisor. A professional can help you determine how long-term care insurance fits into your overall retirement strategy and how much coverage you actually need.

Special Considerations: Buying Before 50 or After 65

While the mid-50s to early 60s is the recommended window, some people fall outside of this range and wonder if it is still possible or worthwhile to buy a policy.

Buying in Your 40s

Premiums will be at their lowest, and you will almost certainly qualify. However, you will pay premiums for 20 to 30 or more years before the typical age of needing care. The total premiums paid over your lifetime may exceed what you would have paid by buying at 55. This approach makes the most sense if you have a strong family history of dementia or other conditions that could disqualify you later.

Buying After 65

It is not too late to buy coverage in your late 60s or early 70s if you are in good health, but expect to pay significantly more. A couple at age 70 may pay $14,000 or more per year. You will also face stricter underwriting. If you are exploring options at this age, consider looking at the best long-term care insurance companies to compare what is available to applicants in your age group.

For those who cannot qualify for traditional long-term care insurance at any age, hybrid life insurance policies with long-term care riders often have more lenient underwriting. These may be a viable alternative even if a traditional policy is off the table.

The Bottom Line: Do Not Wait for a Wake-Up Call

The best time to buy long-term care insurance is while you are healthy and before premiums become prohibitively expensive. For most people, that means taking action between your mid-50s and early 60s. About 56 percent of people turning 65 will need some form of long-term care, and the cost of that care can easily reach $100,000 to $300,000 or more depending on the type and duration of services needed.

Many people only think about long-term care insurance after a parent or loved one needs care. By that point, they may already be in their 60s and facing higher premiums or potential health issues. Planning proactively gives you access to the most options, the lowest premiums, and peace of mind knowing that you have a plan in place to protect your savings and your family.

Start by getting quotes from several insurers, comparing policy features, and speaking with a financial advisor who understands long-term care planning. The earlier you begin the conversation, the more control you have over the outcome.