The ideal age to register for insurance depends on several factors, including the type of insurance and your personal circumstances. For long-term care insurance, experts recommend purchasing coverage between 55 to 65 years old. Here’s why.
Lower Premiums: Buying insurance at a younger age can lead to lower premiums. For example, a 55-year-old man might pay around $2,075 per year for a long-term care policy with a 3% inflation rider, while a 65-year-old man would pay around $3,135 per year.
Increased Eligibility: Your chances of qualifying for coverage decrease as you get older. If you already need assistance with daily activities or have a chronic illness, your application might be denied.
Balancing Costs and Benefits: Purchasing insurance in your early to mid-60s can be a sweet spot, as you’ll pay less in premiums overall until you reach 80 years old.
Long-term Care Insurance Costs by Age:
Age 55:
- Single male: $950-$3,685 per year
- Single female: $1,500-$6,400 per year
- Married couple: $2,080-$8,575 per year
Age 60:
- Single male: $1,175-$3,800 per year
- Single female: $1,900-$6,600 per year
- Married couple: $2,600-$8,750 per year
Age 65:
- Single male: $1,700-$4,200 per year
- Single female: $2,700-$7,225 per year
- Married couple: $3,750-$7,150 per year
Keep in mind that these are general guidelines, and your individual circumstances may vary. It’s essential to consult with a financial advisor to determine the best age for you to register for insurance.