When Do You Need Long-Term Care Insurance?

21 May 2025

Aging is a beautiful journey, but let’s be honest—none of us want to think about needing help with everyday tasks like bathing, dressing, or even eating. However, life has a way of surprising us, and that’s where long-term care insurance (LTCI) comes in.

But when do you actually need it? Should you buy it in your 40s, your 50s, or wait until retirement? Let’s break it down in simple terms so you can decide if and when LTC insurance fits into your financial plan.

What Is Long-Term Care Insurance?

Before we jump into when you need it, let’s quickly cover what long-term care insurance actually is.

LTCI is a policy designed to cover the costs of assisted living, home health care, nursing homes, and other forms of extended care that are not covered by regular health insurance or Medicare.

In short, it helps you avoid massive out-of-pocket expenses if you ever need help with basic daily activities due to aging, illness, or disability.

Sounds pretty important, right? But here’s the real question—when should you get it?

When Do You Need Long-Term Care Insurance?

LTC insurance isn’t like auto insurance, where you buy a policy because you're actively driving and could get into an accident tomorrow. Instead, it's something you purchase years before you actually need it.

Let’s go through the key stages of life and determine the best time to buy LTC insurance.

1. Your 40s – Too Early for Most People

Honestly, unless you have a family history of early-onset illnesses, your 40s might be too soon to get LTC insurance. While some people do buy policies in their late 40s to lock in lower premiums, most won’t benefit from starting this early.

That said, if you have aging parents who needed long-term care before hitting their 70s, it might be worth considering.

Bottom Line: Only consider it in your 40s if you have specific health concerns or a strong family history of needing care early. Otherwise, hold off.

2. Your 50s – The Ideal Time to Buy

For most people, your 50s are the sweet spot for buying LTC insurance.

Why?

- Premiums are still affordable. The younger and healthier you are, the lower your monthly premium.
- You’re less likely to be denied. Insurance companies can deny applicants based on pre-existing conditions. Waiting until health issues arise can make it impossible to qualify.
- You’re thinking about retirement. By your 50s, you’ve likely started planning for retirement, so it’s smart to factor in long-term care costs.

Bottom Line: If you want to secure a policy before costs skyrocket or health conditions make it difficult to qualify, your mid-to-late 50s are the perfect time to buy.

3. Your 60s – Still an Option, But More Expensive

If you’ve hit your 60s and haven't bought an LTC policy yet, don’t worry—it’s still possible.

However, the cost is noticeably higher compared to buying in your 50s. Plus, the older you get, the more health conditions may arise, increasing the chances of being denied.

On the plus side, if you're still in good health in your early 60s, it can still be a smart financial move to get coverage now rather than waiting longer.

Bottom Line: LTC insurance is still doable in your early 60s, but expect higher premiums and potential medical underwriting hurdles.

4. Your 70s and Beyond – Likely Too Late

Once you reach your 70s, getting LTC insurance becomes very difficult and expensive. Many insurers stop offering policies to new applicants once they hit their mid-70s.

And even if you can find a policy, the costs are sky-high, and pre-existing health conditions might make it impossible to qualify.

If you’re in your 70s and don’t have coverage, it might be time to look at alternative funding strategies like:

- Self-insuring (setting aside funds specifically for long-term care)
- Hybrid life insurance-LTC policies (policies that provide a death benefit if you don’t use the LTC coverage)
- Medicaid planning if you don’t have significant savings

Bottom Line: If you haven’t bought LTC insurance by your early 70s, you may need to consider other financial options.

What Factors Determine When You Need LTC Insurance?

Beyond age, a few personal factors determine when it's time to buy long-term care insurance. Let’s take a look at some key considerations:

1. Family Health History

Does your family have a history of Alzheimer's, Parkinson’s, or early-onset health issues? If so, you may want to get coverage earlier since you’re at a higher risk of needing long-term care.

2. Your Financial Situation

Long-term care is expensive—really expensive. If you don’t have significant savings, an LTC policy can protect your retirement nest egg from being wiped out by nursing home costs.

3. Your Retirement Plans

Planning to move into an assisted living facility or rely on family for care? Your future care plans will influence whether you need insurance or can self-insure.

4. Your Current Health

Most LTC policies require medical underwriting. If you already have serious health conditions, you might be denied coverage or face really high premiums.

How Much Does Long-Term Care Cost Without Insurance?

Not sure if you need LTC insurance? Let’s talk numbers.

Here’s the average annual cost of long-term care in the U.S.:

- Home Health Aide: $60,000 per year
- Assisted Living Facility: $54,000 per year
- Private Nursing Home Room: $108,000 per year

Now, imagine needing care for 3 to 5 years—that’s hundreds of thousands of dollars. Without insurance, these costs fall on your savings, your family, or Medicaid (if you qualify).

Is Long-Term Care Insurance Worth It?

So, should you get long-term care insurance? Here’s the deal:

✅ If you can afford the premiums and want to protect your savings, LTC insurance is worth it.
✅ If you have a family history of serious health issues, getting coverage early is smart.
❌ If you’re financially comfortable self-insuring, you may not need LTC insurance.
❌ If you’re already in poor health, getting approved will be difficult (or too expensive).

In the end, it’s all about peace of mind. If you don’t want the uncertainty of paying out-of-pocket for care, LTC insurance can be a lifesaver.

Final Thoughts

Long-term care insurance isn’t something anyone gets excited about—but trust me, future you will thank you for planning ahead.

The best time to get it? Your 50s—while you’re healthy and premiums are manageable.
Your 60s? Still possible, but expect higher costs.
Your 70s? Might be too late unless you explore other options.

At the end of the day, long-term care is a reality for many of us. Whether you choose insurance or other financial strategies, having a plan is better than having none. So, what’s your plan?