When Is the Best Time to Purchase Long Term Care Insurance—and Why?

When it comes to planning for the future, one important consideration is how to manage the potential costs of long-term care. Whether it’s nursing home care, assisted living, or in-home support, the expenses can quickly add up. That’s where Long Term Care Insurance can help.

In this post, we’ll answer common questions about when and why to consider purchasing Long Term Care Insurance, and what factors might influence your timing.

What Is Long Term Care Insurance?

Long Term Care Insurance is a type of policy that may help cover the cost of services and support for individuals who are unable to perform basic activities of daily living, such as bathing, dressing, or eating. These services may be provided in a variety of settings, including your home, a nursing facility, or an assisted living residence.

In Massachusetts, the average cost of long-term care continues to rise. According to data from Genworth’s 2024 Cost of Care Survey, the monthly cost of a private room in a nursing home in Massachusetts can exceed $14,000. Planning ahead with Long Term Care Insurance may help protect your savings and reduce the financial impact on your loved ones.

When Should I Start Thinking About Long Term Care Insurance?

Many people start considering Long Term Care Insurance in their 50s or early 60s. At this stage, most individuals are still in relatively good health, which may help with eligibility and premium costs. Waiting too long could make it more difficult—or more expensive—to obtain coverage, as premiums tend to increase with age and health changes may limit your options.

That said, the right time to explore your options depends on your personal situation. Factors like your financial goals, family medical history, and future care preferences can all play a role in your decision.

Is There a Financial Advantage to Buying Sooner?

In many cases, purchasing Long Term Care Insurance at a younger age can result in lower premiums over the life of the policy. Insurance providers typically use age and health status as key rating factors when determining premiums. For example, someone applying at age 55 may pay significantly less than someone applying at 65, even for similar coverage levels.

Additionally, applying earlier means you’re more likely to qualify for coverage. Some insurers may offer preferred rates for applicants in excellent health or who don’t use tobacco products.

It’s also worth noting that some policies offer flexible payment options, including limited pay plans where you can pay off your policy over 10 or 20 years. This can be an appealing strategy for those planning for retirement income.

What If I’m Already in My 60s or 70s?

It’s not necessarily too late. While premiums may be higher, some individuals in their 60s or 70s still choose to apply for Long Term Care Insurance. In these cases, the focus often shifts to balancing the desired level of coverage with an affordable premium.

Feingold Companies works with clients of all ages throughout Massachusetts and can help tailor policy options to fit your specific needs and goals. Whether you’re looking to offset potential future care costs or preserve assets for your family, we can help guide you through the available options.

What Factors Should I Consider When Deciding the Right Time to Buy?

Here are a few key factors that can influence your decision:

• Current Age and Health: The younger and healthier you are, the more likely you are to qualify for favorable rates.
• Family Health History: A history of chronic illness or cognitive decline in your family may influence your planning timeline.
• Financial Resources: Consider your retirement savings, income streams, and whether self-funding care would significantly impact your estate or lifestyle.
• Marital Status: Couples may benefit from shared care riders or discounts when applying together.
• Massachusetts-Specific Factors: Massachusetts has unique Medicaid eligibility guidelines and long-term care costs that may impact your strategy.

Working with an experienced insurance advisor familiar with the Massachusetts market can help you evaluate these factors and decide on the timing that aligns with your overall financial plan.

How Can I Get Started with Long Term Care Insurance in Massachusetts?

Getting started is easier than you might think. At Feingold Companies, we begin by having a conversation about your goals, health background, and financial priorities. From there, we help you compare options from top-rated insurance carriers offering Long Term Care Insurance in Massachusetts.

We understand that long-term care planning is personal, and we take the time to explain policy features, riders, and pricing so you can make an informed decision. Whether you’re just beginning your research or ready to take the next step, our team is here to help.

Why Work with Feingold Companies?

As a locally based insurance agency serving clients across Massachusetts, Feingold Companies brings decades of experience in personal and business insurance planning. We take a consultative approach, focusing on solutions that support your long-term financial wellbeing.

When it comes to Long Term Care Insurance, we stay current on changes in the market and work with a wide range of carriers. This means we can help you find competitive pricing and coverage that fits your specific needs and budget.

Ready to Explore Your Long Term Care Insurance Options?

If you’re wondering when the right time is to buy Long Term Care Insurance, the answer may be “sooner than you think.” While there’s no one-size-fits-all answer, planning ahead can provide greater peace of mind and flexibility.

Whether you live in Boston, Worcester, Springfield, or anywhere in between, Feingold Companies is here to help you navigate your options and make confident, informed decisions.

Contact us today to schedule a consultation and take the first step in planning for your future with Long Term Care Insurance in Massachusetts.