Buying long-term care (LTC) insurance at the right age can help you cut the cost of this coverage.

When you are under 50, you probably should not consider buying LTC insurance. You’ll likely pay premiums for many years before you need such care. When you’re under 50, you may prefer putting this money into a retirement fund or a fund to pay for your children’s education.

You should not wait until too late, though. After age 70, LTC insurance premiums become much more expensive. The longer you wait to buy, the greater the chance that your health will decline, making LTC insurance more expensive or not available at any price.

Generally, the best time to purchase this coverage is when you’re in your late 50s or early 60s. At earlier ages, you might consider helping your parents to buy LTC insurance. A good policy can help preserve their financial independence should it turn out they will need such care.