What Is Long-Term Care Insurance (and Why You Shouldn’t Wait to Buy It)

Planning ahead for care you may need tomorrow can protect your family and finances today.

When you think about insurance, you probably picture health plans, life insurance, or even coverage for your home or car. But there’s one type of protection that often gets overlooked — until it’s too late.

Long-term care insurance is one of the most important policies you can consider as you age — yet it’s also one of the most misunderstood. Let’s break down what it is, why it matters now more than ever, and when the best time is to get covered.

🏥 What Is Long-Term Care Insurance?

Long-term care insurance helps pay for care when you can no longer perform basic daily activities on your own due to age, illness, injury, or cognitive decline. These activities include:

• Bathing

• Dressing

• Eating

• Using the bathroom

• Getting in and out of bed

• Managing continence

It covers care that health insurance and Medicare typically don’t, such as:

• In-home caregiving

• Assisted living facilities

• Adult day care

• Skilled nursing or memory care facilities

Without long-term care insurance, the cost of these services is paid out of pocket, which can quickly deplete savings — or force loved ones into the role of caregiver.

💸 Why Is Long-Term Care Insurance Becoming So Important?

1. We’re living longer — and needing more care.

   People are living well into their 80s and 90s, but longevity often comes with health challenges. According to the U.S. Department of Health and Human Services, 7 in 10 people over age 65 will need some form of long-term care.

2. The costs are rising.

   Nationally, the average cost of a private room in a nursing home is over $100,000 per year. Home health aides can cost $25–$30 per hour — and most people need care for three years or more.

3. Family caregivers are burning out.

   Loved ones often step in to help, but caregiving can be physically, emotionally, and financially draining — especially if it impacts their own careers or health.

4. Medicare and health insurance don’t cover it.

   Many assume Medicare will cover long-term care, but it doesn’t — only short-term skilled care under certain conditions. Medicaid will only help after you’ve spent down your assets to poverty levels.

🟢 Bottom line: Long-term care isn’t just a personal risk — it’s a financial and family planning issue.

⏳ When Is the Best Time to Buy Long-Term Care Insurance?

The ideal time to purchase a long-term care policy is in your mid-to-late 50s to early 60s, while you’re still healthy and eligible for coverage.

Why?

• Premiums are lower when you’re younger and healthier

• You’re more likely to qualify without restrictions

• You lock in future protection before age-related conditions appear

• Waiting too long can lead to denials or high costs

Some insurers offer partnership programs that allow you to protect more of your assets if you later need to apply for Medicaid. Others offer hybrid policies that combine life insurance with long-term care benefits — so if you don’t end up needing care, your beneficiaries still receive a payout.

🤔 Is Long-Term Care Insurance Right for You?

This coverage is ideal if you:

• Want to protect your savings from the high cost of future care

• Don’t want to burden your family with caregiving or financial stress

• Are looking for more control over where and how you receive care

• Want to preserve your options for aging with dignity

It’s not a one-size-fits-all policy, but it is a conversation worth having — especially with a trusted insurance advisor who can walk you through your options.

📌 Final Thoughts

Long-term care insurance gives you more than just financial protection — it gives you freedom of choice, peace of mind, and a plan that helps your loved ones avoid making difficult decisions under stress.

Like most forms of insurance, the best time to get it is before you need it.