Buying long-term care (LTC) insurance at the right age can help you cut the cost of this coverage. Generally, the best time to purchase this coverage is when you’re in your late 50s or early 60s.
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. You may prefer putting this money into a retirement fund or a fund to pay for your children’s education.
At earlier ages, you might instead consider helping your parents to buy LTC insurance. A good policy can help preserve their financial independence—and a potential inheritance for you—should it turn out they will need such care.
You should not wait until too late, though. After around age 70, LTC insurance premiums become much more expensive. And the longer you wait to buy, the greater the chance that your health will decline, potentially making LTC insurance not available to you at all.