Should I Buy Long-Term Care Insurance Now or Wait?

Deciding when to purchase long-term care insurance can feel overwhelming. You might wonder if it’s too early—or if you’ve already missed the best window. Below, we break down why buying sooner rather than later often makes the most sense, along with the few circumstances where waiting might be beneficial.

Key Factors in Timing Your Purchase

1. Age and Premium Costs

• Premium Increases: Each year you delay, your premium can increase by 2–4% just because you’re older.
• Ideal Age Range: Most experts recommend buying between ages 55 and 65.
• Early Purchase Advantage: Locking in rates in your early 50s can save you thousands over the life of the policy.

2. Health Qualification

Your health is crucial to both eligibility and cost:

• Stricter Underwriting: Insurers have detailed health requirements that become harder to meet as you age.
• Pre-Existing Conditions: May significantly limit your coverage options or raise costs.
• Uninsurability Risk: If you develop health issues before buying, you could lose the chance to get coverage entirely.

3. The Cost of Waiting

Consider a healthy 55-year-old who puts off buying LTC insurance until age 65:

• Higher Premiums: Expect to pay roughly 40% more by waiting a decade.
• Health Risks: A new diagnosis between 55 and 65 could make coverage unaffordable—or unobtainable.
• Missed “Locked-In” Rates: You lose out on 10 years of lower, fixed premiums.

Why Earlier Is Often Better

1. Lower Initial Premiums: Premiums are based partly on age—buy young, pay less.
2. Better Health Discounts: You’re more likely to qualify for preferred health rates if you apply before major health changes occur.
3. Longer Rate Lock: You enjoy the same base premium for a longer period.
4. Wider Choice of Carriers: The healthiest applicants get access to the broadest range of policy options.

Common Misconceptions About Waiting

"I’ll Save Money by Waiting"

While you won’t pay premiums if you don’t buy now, future costs typically outweigh any short-term savings. Over the life of the policy, waiting nearly always results in higher total expenditures.

"I’m Too Young to Think About Long-Term Care"

Planning now doesn’t mean you expect immediate need. Instead, it’s about:

• Securing Lower Rates
• Ensuring You Can Get Coverage
• Protecting Your Retirement Savings

When Waiting Might Make Sense

In rare cases, postponing your purchase could be logical:

1. Budget Constraints
   If premiums would strain your current finances, waiting might be prudent—just know that future costs could still rise.
2. Active Health Improvements
   If you’re on track to lower blood pressure, lose weight, or control a chronic condition, waiting a few months or a year might help you qualify for a more favorable rate.
3. Anticipated Financial Changes
   If you’re expecting a significant inheritance or another financial windfall soon, you could reassess your coverage needs afterward.

Making Your Decision

Ask yourself:

1. Am I Likely to Pass Underwriting Now?
   If yes, applying sooner locks in your insurability.
2. Are Premiums Affordable?
   Consider whether ongoing premiums fit comfortably within your budget.
3. Is Longevity in My Family?
   Longer life expectancy often means higher chances of needing care.
4. Am I On Track for Retirement?
   Weigh how long-term care expenses could derail your retirement goals if you’re not insured.

Next Steps

1. Get a Quote
   Compare current rates from multiple carriers to see how much you could save by buying now.
2. Check Your Health Status
   Understand any conditions that could affect your eligibility or premium.
3. Review Your Budget
   Ensure your premiums won’t compromise other financial goals.
4. Consider Inflation Protection
   If you’re under 65, inflation protection can keep your benefits in line with rising care costs.

The Bottom Line

While there’s no one-size-fits-all age to purchase long-term care insurance, waiting often leads to higher costs, stricter underwriting, and fewer coverage options. If you’re healthy and can afford the premium, you’ll usually save in the long run by buying earlier.

Ready to explore your options?
Get a personalized quote or call 844-424-6000 to discuss your situation with a licensed specialist.

This article was last updated on January 15, 2025, to reflect current market conditions and insurance company offerings.