When should I buy long-term care insurance?

While long-term care insurance is usually there for you during your golden years, you’ll want to consider buying it well before that time. That’s because long-term care insurance rates are very dependent on your age and your health.

What’s more, almost all of today’s long-term care insurance policies come bundled with life insurance coverage. This means you get two important coverages in one policy: life insurance coverage that offers your loved ones financial support if you were to pass away and long-term care coverage if a chronic illness or disability requires you to need long-term care. Like long-term care insurance rates, life insurance rates are also highly dependent on your age and your health. Learn more about the benefits of these hybrid policies.

Insurance professionals recommend shopping for long-term care insurance in your 40s or 50s. That’s because you’ll benefit from:

  • Lower rates. You’ll pay less for coverage when you’re younger and in better health.
  • Locked-in coverage. By securing coverage when you’re in good health, you protect against the possibility that you won’t be able to obtain coverage if you develop a chronic illness or disability later on.
  • Peace of mind. Because your long-term care insurance will almost certainly come bundled with life insurance coverage, you’ll have peace of mind knowing that your loved ones would be protected if you were to pass away.

That said, it’s not too late to get coverage if you’re in your 60s or beyond. Just know that you will probably pay considerably more for a policy than someone who is younger.

How to Get Long-Term Care Insurance

There are many options for long-term care insurance to consider. A licensed insurance agent can help you find the right one that works within your budget⁠—plus, you may also be able to deduct long-term care insurance premiums from your federal and state taxes. Learn about the three main ways to get long-term care insurance.

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