How to get cheap long-term care insurance in your 50s

As you age you may encounter a wide range of additional healthcare expenses. That's especially true when you find it difficult to handle basic daily tasks like cooking, cleaning and going to the restroom on your own. After all, home health aides, assisted living communities, and nursing homes are costly services. 

That's why some people in their 50s and nearing retirement may lean on long-term care insurance to make sure they can afford the care they could need later. But, long-term care insurance isn't free. When you buy it, you'll either have to make a large, up-front payment for single-premium long-term care coverage or make monthly premium payments.

In either case, most people want to make sure they get the most coverage at the lowest price possible. So, how do you get cheap long-term care insurance in your 50s? There are some strategic steps you can take now.

Find out how affordable long-term care insurance can be in your 50s now. 

How to get cheap long-term care insurance in your 50s

Long-term care insurance is often much cheaper than long-term care services. With nursing homes costing six-figures per year and other forms of care in the tens of thousands of dollars annually, it's generally a wise idea to insure against this risk. But, that insurance isn't always inexpensive, either. Here are a few ways you can cut your long-term care insurance costs in your 50s: 

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"The best way to reduce the cost in a long-term care insurance policy is to purchase as young as you can afford to," explains Virginia Barausky, national director of sales for The Pinnacle Group, a firm that helps consumers and financial advisors with long-term care needs planning. 

There are multiple reasons long-term care insurance is cheaper when you're younger: 

• Your health: Long-term care insurance companies know that there's a lower chance of healthier individuals needing long-term care immediately than there is for those with health conditions. And, health often declines with age. So, applying in your 50s when you're healthy could result in lower premiums than you would pay if you waited and a health condition popped up. 
• More time to claim: If you purchase long-term care insurance in your 50s, there's a high likelihood that you won't need care shortly after. So, the insurance company may be able to collect premiums for a while before a claim is made. If you wait until later in life, the insurance company will have to gauge the risk of a claim event being closer on the timeline and price accordingly.   

"So if you are healthy and can afford to purchase, in your 50s is the best time" to buy long-term care insurance, says Barausky. 

Apply for long-term care insurance coverage today. 

Carefully consider riders

Riders offer additional coverage on top of what your base long-term care insurance policy provides. But, they come with additional costs, too. For example, you can add an inflation-protection rider to make sure your benefits rise alongside inflation for an additional cost on top of your base premium each month. But, sometimes the cost of riders can push your premiums higher than you budgeted for. So, carefully consider riders before you add them to your policy. 

For example, one way to save on inflation protection riders is to "see if they have a simple inflation rider instead of compound inflation," explains Barausky. You may be able to save on an inflation protection rider altogether if you "start with a higher benefit" and avoid inflation protection completely. Compare the costs associated with these options before you choose one over the other. 

Don't buy more coverage than you need

Some common ways people purchase too much long-term care coverage include purchasing more benefits than they need and purchasing a longer coverage term than they need.  

An effective "way to reduce cost is to shorten the duration of the coverage," explains Barausky. "Many carriers have several options, such as a benefit duration of 3, 4, 5, 6, 7, and 8 years and lifetime unlimited." So, if you can't afford a lifetime long-term care insurance policy, consider shortening your coverage duration until you reach an affordable premium. 

Also, consider your benefit value. After all, a $300,000 long-term care insurance policy will typically be far cheaper than a $500,000 policy. Think about how much care costs in your area and how much money you can afford to pay toward your care each year out of pocket. Then determine a reasonable amount of coverage for you based on the amount of money you actually need your insurance to cover. 

Opt for a longer elimination period

Another way to save on long-term care insurance is to "opt for a more extended waiting period," explains Omar Ochoa, founder of the Omar Ochoa Law Firm, a firm that specializes in insurance and other legal matters. "Known as the elimination period, it's the amount of time that" benefits take to kick in. "The longer your waiting period, the cheaper your premium will be."

So, think about how long you may be able to cover the cost of your care on your own and consider extending your elimination period to that point. This is a smart approach to take for those in their 50s, as the urgency of having coverage may not be as strong as it would be later in life.

The bottom line

Long-term care expenses are a common addition to the cost of living for older Americans. And, it's typically wise to insure in advance. If you're in your 50s and are in the market for long-term care insurance you should apply as soon as possible, carefully consider your riders, limit your coverage duration and cap to what you'll actually need and consider a longer elimination period to keep your premiums low. Chat with a long-term care insurance specialist about your options today.