One of the most frequent questions I’m asked is, “What is the best age to purchase a long-term care insurance (LTCi) policy?” While there is no single answer that fits every individual, a detailed analysis reveals significant financial and health-related consequences associated with delaying implementation. Procrastination leads to higher premiums, a greater chance of being denied coverage, and the risk of needing care before a policy is even in place. Understanding these factors is crucial for making an informed decision about the timing of LTCi implementation.
This article will explore the tangible costs and risks of waiting to implement long-term care insurance. We will examine how premiums escalate with age, the diminishing likelihood of qualifying for health discounts, and the increasing probability of being declined for coverage altogether.
The Financial Impact of Rising Premiums
Long-term care insurance premiums are primarily determined by your age at the time of application. As you get older, the cost to secure the same level of coverage increases substantially. While it might seem logical to save money on premiums in the short term by waiting, this strategy most often leads to significantly higher overall costs.
Consider the following scenario for a married couple seeking a policy with a monthly benefit of $7,500 designed with a 3-year shared benefit period and 3% compound inflation protection(1):
- Purchasing at Age 45: The annual premium for this couple is $7,569.
- Waiting Until Age 50: The premium for the same coverage increases to $8,377, an 11% increase
- Waiting Until Age 55: The premium rises again to $9,415, which is 24% higher than the cost at age 45.
However, relying upon only the above data is a flawed approach. In addition to the predictable increase in premiums that comes with age, there are another important factors to consider including: inflation and product evolution.
First, the policy purchased at age 45 that began with a $7,500 per month benefit would have a monthly benefit of $10,100 at age 55 due to the 3% compound inflation included in the policy. This means buying at a later age would require the couple to purchase a higher level of coverage to keep pace with annual increases in care expenses. Taking this into account, the above scenario is more appropriately reviewed as follows:
- Purchasing at Age 45: The annual premium for this couple is $7,569 with the initial $7,500 per month benefit.
- Waiting Until Age 50: Here the couple needs to purchase a monthly benefit of $8,700 to match the coverage from the purchase at age 45 where the premium increases to $9,717, a 28% increase.
- Waiting Until Age 55: Now the couple needs to purchase a monthly benefit of $10,100 to match the coverage from the purchase at age 45 where the premium increases to $12,680, a 112% increase from the age 45 pricing.
Although waiting five or ten years means you pay premiums for fewer years, the higher annual cost often negates those initial savings. For example, purchasing at age 45 would have a total premium spend at age 80 of $265K over 35-years as opposed to the age 55 purchase where the total premium spend at age 80 would be $317K over 25-years. Waiting from age 45 to 55 results in paying over $52K more in premium by the time you reach age 80. Most would agree paying less over a longer period is more desirable than paying more over a shorter period.
In addition, insurers frequently introduce new products or update existing ones, often resulting in substantial price increases for new business. It is not uncommon to see price increases of 10–30% when new product versions are released. This means that, beyond the higher premium you would pay simply for being older, the base cost of an inflation-adjusted policy could rise significantly because of these product changes.
The most recent example of this is the February 2026 launch of National Guardian Life’s HonestLTC product. After comparing several quotes for the new product, the new product pricing has increased 7% from the previous version. Because of this, the cost would increase the above example at age 55 to a premium of $13,567 vs. the age 45 premium of $7,569, an increase of 179% (2).
From a pricing perspective alone, waiting exposes you to age-based price increases, inflation based coverage increases, and pricing increases related to the broader insurance market, making the cost of delaying implementation even more pronounced.
The Risk of Losing Health Discounts
Insurers offer preferred health discounts to applicants who are in excellent health, which can reduce premiums by 10-20%. These discounts are a significant financial incentive for purchasing a policy while you are young and healthy. As you age, the likelihood of qualifying for these discounts decreases sharply.
Statistics show a clear trend(3):
- Ages 40-49: 62% of applicants receive a preferred health discount.
- Ages 50-59: This figure drops to 46%.
- Ages 60-69: Only 38% of applicants qualify.
Waiting just ten years, from your late 40s to your late 50s, can significantly reduce your chances of securing the best possible rates. A health condition that may seem minor today could be enough to disqualify you from a preferred rate in the future, permanently increasing the cost of your insurance.
The Increasing Probability of Being Declined
Perhaps the most significant risk of waiting is the possibility of being denied coverage entirely. Health changes with age and conditions that develop later in life can make you uninsurable. The data on application declines is revealing and underscores the urgency of acting sooner rather than later.
Here is a breakdown of the percentage of applicants declined for coverage by age(3):
- Under Age 50: 14% of applicants are declined.
- Ages 50-59: The denial rate increases to 20%.
- Ages 60-69: The rate climbs to 34%, meaning nearly one in four applicants in their 60s is unable to secure a policy.
- Ages 70-79: The denial rate jumps to 47%.
Waiting from your 50s into your 60s increases your chance of being declined by over 70%. This risk is substantial, as being deemed uninsurable means you would have to bear the full financial burden of any future long-term care needs yourself. This analysis does not even account for individuals who do not apply for coverage because of known health issues, suggesting the actual number of people who cannot get coverage is even higher.
The Danger of Needing Care Before You Are Covered
Beyond the financial calculations and application statistics lies the fundamental risk of needing long-term care services while uninsured. While many associate long-term care with old age, the need can arise unexpectedly at any point in life due to an accident or sudden illness.
Waiting to purchase a policy exposes you and your family to significant financial vulnerability. According to claim statistics, while the majority of claims are for individuals over 70, a notable percentage of new claims are initiated by those in their 50s and 60s. For instance, waiting 10 years to purchase a policy can increase your chances of needing long-term care services before you are covered by over 160%. The financial, emotional, and physical toll of an uninsured long-term care event can be devastating to a family’s financial plan.
Conclusion: Why Acting Sooner is Better
Deciding when to implement long-term care insurance involves a careful evaluation of multiple factors. While delaying may seem like a way to save money in the present, the evidence clearly indicates that waiting introduces significant and often costly risks. By waiting, you face higher premiums, a lower chance of qualifying for health discounts, and a greater probability of being declined coverage altogether.
Purchasing long-term care insurance at a younger age allows you to lock in lower premiums, take advantage of your good health to secure the best rates, and protect your assets from the potentially catastrophic costs of an unexpected care event. It is a proactive step toward securing your financial future and ensuring you have a plan in place for whatever lies ahead.
Sources: Pricing is based on Mutual of Omaha rates for Colorado generated on 1-20-2026 (1), and National Guardian Life for Colorado and North Carolina generated on 2-24-2026 (2). Data points and statistics provided by American Association for Long-Term Care Insurance 2022, www.aaltci.org (3).
About the Author: Bob Gertie
Bob Gertie is a seasoned expert in life, disability, long-term care insurance, and annuities, with nearly 30 years of experience in the industry. As the founder and CEO of Advisor Insurance Resource®, he specializes in crafting effective insurance strategies for affluent clients, working exclusively by referral.
Bob is licensed in 48-states and has been featured in leading industry publications, including Financial Advisor Magazine, Forbes, Money, Kiplinger and NAPFA Advisor Magazine to name a few. A sought-after speaker and educator, Bob frequently presents to financial planning study groups, financial planning associations and medical schools.
Bob’s mission is clear: to provide transparent, expert guidance that seamlessly integrates with financial planning—free from sales pressure and focused entirely on client needs.