Let’s be honest—long-term care insurance isn’t exactly the most exciting topic at brunch. But if you’ve ever seen a loved one navigate the costs of assisted living or in-home care, you know it’s a conversation worth having.
So, when’s the right time to buy long-term care insurance? The short answer: probably earlier than you think.
The Sweet Spot: Ages 50 to 60
Most experts agree that your mid-50s are the golden years for locking in a policy. Why? You’re still likely to be in good health (which keeps premiums lower), and you’re close enough to retirement to start seriously thinking about how you’ll protect your nest egg.
Waiting until your 60s? It’s not too late, but premiums start to climb fast, and there’s a higher chance you’ll be denied coverage due to health issues.
Why Not Sooner?
You could buy in your 40s, and some people do—especially if there’s a family history of chronic illness or early retirement is on the horizon. But the trade-off is paying premiums for more years before you’re likely to use the coverage. It’s a balance between cost and risk.
Bottom Line
If you’re in your 50s and haven’t looked into long-term care insurance yet, now’s a great time to start. It’s one of those “adulting” moves that future-you will be seriously grateful for.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/ SIPC.
This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.