3 times to buy long-term care insurance at 65 (and 3 times not to)

Have you thought about how you're going to access care later in life when you need it? Are you considering a nursing home or do you plan on aging at home with a mix of family caregivers and home health aides? 

In either case, that care can be costly. 

According to Genworth, the average cost of a private room in a nursing home is expected to be about $120,000 per year through 2024. While home health aides can be significantly less expensive, they're still expected to cost nearly $78,000 annually in 2024. And, if you're 65 years old, you have a the chances that you may need care in the near future are significant. 

The good news is that you may not need to foot that bill on your own. Long-term care insurance can help. But, it may or may not be a good idea to purchase a policy at 65.

Compare your long-term care insurance options among leading providers now. 

3 times to buy long-term care insurance at 65 (and 3 times not to)

Here are three times it makes sense to buy long-term care insurance at 65 and three times it doesn't: 

3 times to buy long-term care insurance at 65

Here are three times you should purchase a long-term care insurance policy at 65: 

When you want to pay less for your coverage

The premiums you'll pay for long-term care insurance today could be the lowest premiums you'll ever qualify for. That's because long-term care insurance providers consider factors like your age and health status when they price policies. And, since older applicants are more likely to need long-term care than younger applicants, prices typically go up with age. So, if you want the lowest premiums possible, you should purchase coverage now, especially if you're already 65. 

Purchase a long-term care insurance policy now to make sure you pay less for coverage. 

When you want to protect your family and friends

Long-term care insurance protection extends to relatives and friends, too. If you want to be cared for by your loved ones later in life, long-term care insurance can help by providing you a means to pay them for their services and to give them a break when needed by covering the cost of professional care from time to time. It's also critical to purchase long-term care insurance if you plan on leaving an inheritance behind for those you love. After all, a few years of care at $120,000 per year can significantly limit what you have left to leave behind when you die.   

When you're still healthy

As is the case with age, your health plays a significant role in the cost of your long-term care insurance. But, older ages typically come with health concerns. So, if you're already 65, it's important to purchase long-term care insurance now, especially if you're in good health. 

"The healthier you are, the lower your risk and the more affordable your premiums may be," explains Andy Freedman, vice president of client experience and corporate marketing at Assured Allies, a planning company that helps seniors plan for their long-term care costs. 

3 times not to buy long-term care insurance at 65

Here are three times buying long-term care insurance at 65 may be a mistake: 

When you can't afford the premiums

You may be on a fixed income when you're 65 years-old. And, If that income isn't flexible enough to account for long-term care insurance premiums, putting yourself in a financial hardship to purchase coverage probably isn't worth it. Ultimately, if you have limited assets, your state's Medicaid program may help you cover the cost of your care. 

When you already have a plan to cover the cost in place

If you already have an adequate plan in place to cover your long-term care costs, it may not be worth purchasing long-term care insurance on top of it. But, if you're worried that plan may not provide enough coverage, you may want to supplement it with a long-term care insurance policy. 

When you are unhealthy or already need care

If you're unhealthy or already in need of care, you may not qualify for coverage at all. "Certain pre-existing conditions or severe health issues can lead to denial of coverage altogether," says Freedman. As such, it's best to purchase long-term care insurance before you develop health conditions or a need for care. 

The bottom line

If you're 65 years-old, it's important to consider long-term care insurance. In fact, you should purchase coverage now if you're healthy, want to protect your family and want the lowest premiums possible. On the other hand, if you're unhealthy, can't afford long-term care insurance premiums or already have a plan in place, purchasing insurance at 65 may not be worthwhile. 

If you're not sure whether or not you should purchase a long-term care insurance policy at 65, discuss your options with an expert now.