When To Buy Long Term Care Insurance

The best time to buy long term care insurance is usually in your 50s, when you are still healthy enough to get approved at a reasonable cost

Long term care insurance covers the cost of help you may need later in life — things like in-home care, assisted living, or nursing home stays. The younger and healthier you are when you buy it, the lower your monthly premium will be. Most people who buy this insurance do so between ages 50 and 65, because waiting much longer makes the monthly cost steep, and waiting much shorter means you are paying premiums for decades before you might use the benefit.

The catch is that insurers will deny you if you have certain health conditions — heart disease, diabetes, dementia, or mobility problems can all make you uninsurable. So the real important date is not a birthday; it is the moment your health starts to decline. If you are thinking about it, the time to move is now, before a diagnosis changes the picture.

Key Takeaways

• Long term care insurance premiums rise sharply after age 65, so buying in your 50s locks in a much lower monthly cost.
• Health conditions like diabetes, heart disease, or arthritis can make you ineligible, so buying while you are still healthy matters more than waiting for a specific age.
• Most policies require a waiting period of 30 to 100 days before benefits start, so the insurance protects you against costs years or decades from now, not when ready needs.
• You can buy this insurance through an insurance agent, a financial advisor, or directly from insurers like Genworth, Mutual of Omaha, or Transamerica.

How age affects what you will pay

A 55-year-old in good health might pay $1,500 to $3,000 per year for a basic long term care policy. A 65-year-old in the same health might pay $3,000 to $6,000 per year for the same coverage. By age 75, the cost can double again. These are rough ranges because the actual premium depends on the specific policy, the insurance company, your gender, and your health history — but the pattern is consistent: every year you wait costs you more.

The reason is straightforward: the older you are, the sooner the insurance company expects to pay out. A policy sold to a 55-year-old might not pay anything for 20 or 30 years. A policy sold to a 75-year-old might pay out in five years. The company prices that risk into the premium.

When health problems make you uninsurable

Insurance companies underwrite long term care policies strictly. They will ask detailed questions about your medical history and may require a medical exam. Common reasons for denial include a diagnosis of Alzheimer's disease, Parkinson's disease, or other cognitive decline; a history of heart attack or stroke; diabetes that requires insulin; arthritis severe enough to limit mobility; or cancer within the past five years.

If you have any of these conditions, you may still find an insurer willing to cover you, but the premium will be much higher — sometimes 50 percent higher or more. If you are on the fence about buying, a health scare is often the moment people regret waiting. Once you have a diagnosis, your options narrow fast.

What happens if you wait until your 70s

Buying long term care insurance in your 70s is still possible, but the math changes. Your premiums will be high, and you will have fewer years to spread the cost across. Some people in their 70s decide that the monthly premium is too steep relative to how long they expect to live, and they choose not to buy. Others buy a shorter benefit period — say, three years of coverage instead of five — to keep the premium manageable.

If you are 75 or older and in good health, you can still buy this insurance, but you should expect to pay significantly more than someone who bought at 55. Some insurers have age limits — a few will not sell to anyone over 85 — so if you are thinking about it, checking with an agent sooner rather than later makes sense.

How to start the process

You can buy long term care insurance from an independent insurance agent, a financial advisor, or directly from an insurance company. Major insurers in this market include Genworth, Mutual of Omaha, Transamerica, and Nationwide. If you work for a large employer, your company may offer group long term care insurance, which is usually cheaper than buying on your own.

The process starts with a conversation about what kind of coverage you want — how much per day, how long the benefit lasts, and how long you are willing to wait before it starts paying. Then the insurer will ask about your health history and may order a medical exam. Approval usually takes two to four weeks.

Whether you should buy at all

Long term care insurance is not right for everyone. If you have substantial savings or own real estate you could sell to pay for care, you may not need it. If you have no assets and low income, you may end up on Medicaid anyway, which covers long term care for people who meet income and asset limits. The insurance makes the most sense for people in the middle — those with enough assets to want to protect them, but not so much that they can easily absorb a $100,000 bill for a year in assisted living.

Some people buy a hybrid policy instead, which combines long term care insurance with life insurance or an annuity. These policies let you get some money back if you never use the long term care benefit, which appeals to people who are uncertain whether they will ever need it. The trade-off is that hybrid policies cost more upfront.

What to know about waiting periods and benefit triggers

Most long term care policies do not start paying when ready. You choose a waiting period — usually 30, 60, or 100 days — during which you pay for care out of pocket. After that period ends, the insurance starts reimbursing you. A longer waiting period means a lower monthly premium, because the insurance company is on the hook for less time.

The policy also specifies what counts as a trigger for benefits — usually the inability to perform two or three "activities of daily living" without help, like bathing, dressing, eating, or using the toilet. A doctor has to certify that you meet this threshold before the insurance will start paying. This is why the insurance protects against costs years from now: it is designed for serious, lasting care needs, not temporary help after surgery.

Frequently Asked Questions

Can I buy long term care insurance if I have diabetes or high blood pressure?

It depends on how well controlled your condition is and which insurance company you ask. Some insurers will cover you at a standard rate if your diabetes or blood pressure is managed with medication and stable. Others will charge a higher premium or deny you. The only way to know is to explore or talk to an agent who can shop multiple companies for you.

What if I buy the insurance and never use it?

The premiums are gone — that is the trade-off of insurance. Some policies let you stop paying and keep a reduced benefit, or you can cancel and get nothing back. Hybrid policies that combine long term care with life insurance do return some money to your heirs if you never use the long term care benefit, but they cost more upfront.

Does Medicare cover long term care?

Medicare covers skilled nursing care for a limited time after a hospital stay, but it does not cover long term care in an assisted living facility or in-home care for non-medical reasons. Medicaid does cover long term care, but only if your income and assets fall below your state's limits. Long term care insurance fills the gap for people who do not want to spend down their savings to Medicaid levels.

Can my employer offer long term care insurance?

Yes, many large employers offer group long term care insurance as a voluntary benefit. You pay the premium through payroll deduction, and the cost is usually lower than buying on your own because the insurance company spreads the risk across a large group. If your employer offers it, that is often the cheapest time to buy.

What if I am already in my 80s and want to buy?

You can still buy, but premiums will be very high and some insurers have age limits. You might consider a shorter benefit period or a hybrid policy instead. Talk to an agent who works with multiple insurers, because availability and pricing vary widely at older ages.