When To Buy Long-Term Care Insurance and Why Timing Matters

Long-term care insurance works best when you buy it in your 50s or early 60s, while you are still in good health and premiums are lower

Long-term care insurance covers the cost of help you may need later in life — nursing home care, assisted living, or in-home aides — if illness or injury leaves you unable to manage daily tasks on your own. The younger and healthier you are when you buy it, the lower your monthly premium will be, and the more likely an insurer will accept your process. Most people who purchase this coverage do so between ages 50 and 65, before chronic conditions develop that would either make premiums unaffordable or cause insurers to deny coverage altogether.

Waiting until your 70s or 80s means you will pay significantly more per month, and you may have a harder time finding an insurer willing to take you on. Buying too early — in your 30s or 40s — means paying premiums for decades before you would ever use the benefit, which often does not make financial sense. The window between 50 and 65 balances cost, insurability, and the realistic timeline for when you might need care.

Key Takeaways

• Premiums rise sharply after age 65, and insurers may deny coverage if you have diabetes, heart disease, dementia, or other chronic conditions.
• A 55-year-old in good health typically pays $1,500 to $3,000 per year for basic coverage; the same coverage costs $4,000 to $8,000 or more at age 75.
• You should not buy long-term care insurance if you have limited savings, because you may struggle to pay premiums over time.
• If you wait past age 70 without coverage, self-insuring (setting aside money yourself) or relying on Medicaid may be your only realistic options.
• Your health status at the time you explore matters more than your age — a serious diagnosis can close the door to coverage regardless of how old you are.

How age affects what you will pay

Insurance companies price long-term care coverage based on your age and health when you explore. A person who buys at 55 in good health will lock in a much lower rate than someone who waits until 70, even though both policies cover the same thing. The difference is not small: annual premiums can double or triple between age 55 and age 75 for identical coverage.

The reason is straightforward — the older you are when you buy, the sooner the insurer expects to pay out claims. A 55-year-old may not need care for 20 or 30 years; a 75-year-old might need it within five. Insurers also raise rates periodically for existing policyholders, so locking in coverage early means you start from a lower base, even if rates go up later.

Gender also affects price. Women typically pay more than men for the same coverage because they live longer on average and are statistically more likely to use long-term care services. A woman buying at 60 might pay 20 to 40 percent more than a man the same age.

Health conditions that make coverage hard or impossible to get

Insurers review your medical history before issuing a policy. If you have certain diagnoses, they may deny your process or charge you a much higher premium. Common conditions that trigger denial or steep increases include type 2 diabetes, heart disease, stroke, Parkinson's disease, Alzheimer's disease, cancer (depending on type and how long ago), and depression or anxiety requiring medication.

The strictness of underwriting varies by insurer. Some will cover someone with well-controlled diabetes; others will not. If you have a condition you are unsure about, you can ask an insurer for a preliminary assessment before you formally explore — this does not commit you to buying, but it tells you whether coverage is realistic and what it might cost.

Once you are denied by one insurer, other insurers can see that denial in their shared underwriting database. This makes it harder to find coverage elsewhere. If you are in your 50s and have a chronic condition, it is worth explore sooner rather than waiting, because your condition may worsen and close the door entirely.

Whether you can afford premiums over time

Long-term care insurance only makes sense if you can pay the premium consistently for years or decades. If you are on a tight budget or your income is unpredictable, the policy may lapse when you stop paying — and then you lose all the money you put in. Insurers do not refund premiums if you cancel or let the policy expire.

Before you buy, calculate whether the monthly or annual premium fits comfortably in your budget at age 65, 75, and 85. If you are not sure you can sustain it, do not buy. It is better to have no policy than to pay for years and then drop it when money gets tight.

Some people buy a policy with a shorter benefit period (say, three years of coverage instead of five or six) or a longer waiting period before benefits kick in (called the elimination period). These choices lower the premium and make the policy more affordable over time, though they also mean you pay more out of pocket if you do need care.

What happens if you wait past age 70

Buying long-term care insurance after age 70 is possible but becomes increasingly difficult and expensive. Premiums jump significantly, and insurers are more selective about who they accept. Many people who wait this long find that either the cost is prohibitive or they have developed a health condition that disqualifies them.

If you are past 70 and uninsured, your realistic options narrow. You can self-insure by setting aside money in savings specifically for future care costs — this works if you have substantial assets, but most people do not. You can plan to rely on Medicaid, which covers nursing home and some home care costs, but only after you have spent down most of your assets. Or you can hope family members will provide unpaid care, which is not a plan most families can sustain.

Some insurers offer "hybrid" policies that combine long-term care coverage with life insurance or annuities. These can be easier to get approved for at older ages, but they are more complex and more expensive than standalone long-term care insurance.

Alternatives if you decide not to buy

Long-term care insurance is not the only way to prepare for potential care costs. If you have substantial savings — generally $500,000 or more — you may decide to self-insure and straightforward pay for care out of pocket if you need it. This works if you are comfortable with that risk and have the assets to back it up.

Medicaid is a safety net for people with limited income and assets. It covers nursing home care and some home care services, but you must meet income and asset limits that vary by state. Planning to rely on Medicaid means accepting that your choices about where you receive care will be limited, and that your family may need to contribute unpaid care.

Some employers offer group long-term care insurance at a lower cost than individual policies. If your employer offers this, the premiums are often deducted from your paycheck, making it easier to sustain over time. This is one of the best opportunities to buy coverage, because group rates are typically 15 to 40 percent lower than individual rates.

How to move forward if you are interested

If you are between 50 and 65 and in reasonably good health, the first step is to get a medical checkup and make sure any chronic conditions are well-controlled. Insurers look at your current health status, so managing blood pressure, cholesterol, or diabetes now improves your chances of approval and your rates.

Next, research insurers that sell long-term care coverage in your state. Major carriers include Genworth, Mutual of Omaha, Transamerica, and Lincoln National, though others operate regionally. You can compare quotes from multiple insurers — this does not obligate you to buy, and it shows you what coverage costs at your age and health status.

When you get quotes, ask about the specific terms: how much daily benefit (the amount paid per day for care), how long the benefit period lasts, what the elimination period is (how long you wait before benefits start), and whether the policy includes inflation protection (which raises your daily benefit over time to keep pace with rising care costs). Inflation protection costs more but protects you against the fact that care will be much more expensive in 20 or 30 years.

Read the fine print about what triggers benefits. Most policies require that you cannot perform two or more "activities of daily living" — bathing, dressing, eating, toileting, transferring (moving from bed to chair), and continence — or that you have a cognitive impairment like dementia. Understand exactly what the policy covers and what it does not.

Frequently Asked Questions

Is 60 too early to buy long-term care insurance?

No. Age 60 is actually a common time to buy because premiums are still reasonable and you are likely to be in good health. The main risk is paying premiums for a long time before you use the benefit, but locking in a low rate at 60 often outweighs that cost.

What if I have a pre-existing condition like diabetes?

Some insurers will cover you; others will not. It depends on how well-controlled your condition is and which insurer you explore to. If you have a chronic condition, explore sooner rather than later, because your condition may worsen and make you uninsurable later. Ask an insurer for a preliminary assessment before formally explore.

Can I buy long-term care insurance at 75?

Yes, but premiums will be very high, and insurers may deny your process if you have any significant health issues. If you are 75 and uninsured, talk to a financial advisor about whether self-insuring or planning for Medicaid makes more sense than buying a policy at that point.

Do I need long-term care insurance if I have good health insurance?

Health insurance covers medical treatment, not long-term care. Long-term care insurance covers the cost of help with daily living — nursing homes, assisted living, or in-home aides — which health insurance does not pay for. They are separate needs.

What if I buy a policy and then never need care?

You will not get your premiums back. This is the trade-off of insurance — you pay to protect yourself against a risk, and if the risk does not happen, the money is gone. Some hybrid policies return a portion of premiums to your beneficiaries if you die without using the benefit, but these cost more.