Alert
Close

Take AARP’s Smart Driver course and you could save money on your car insurance. Learn more

Highlights

Open

Jobs You Might Like

Most popular
articles

Viewed

Long-Term Care Insurance: Is It Right for You (and Your Parents)?


When Should You Buy an LTC Policy?

Keep in mind that the annual premiums for LTC coverage are much higher if you wait until your 60s or later to take out a policy. Few experts recommend purchasing coverage before age 50.   After age 70, premiums may become prohibitively expensive.

While you’ll pay lower premiums if you buy a policy at a younger age, keep in mind that you’re likely to pay a long time before collecting benefits, if ever. The average age at which people enter nursing homes is 83.

On the other hand, a compelling argument for purchasing a policy at a younger age is that health issues could render you uninsurable at an older age. Buy an LTC policy at a younger age if any of the following apply:

  • If your health is deteriorating
  • If you engage in high-risk activities
  • If your family has a history of early disability


If your fear of the unexpected is robbing you of sleep, you may want to obtain coverage now rather than waiting. Too, decisions of equal importance are whether you can afford the premiums or are wealthy enough to self-insure.

All the information presented on AARP.org is for educational and resource purposes only. We suggest that you consult with your financial or tax adviser with regard to your individual situation. Use of the information contained in this Web site is at the sole choice and risk of the reader

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

Life insurance: you are covered rain or shine

Exclusive annuities for members from AARP Lifetime Income Program from New York Life.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

Homeowners Insurance
Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.