The best time to buy long term care insurance is when you are in good health and relatively young. Premiums for long term care insurance increase with age, so purchasing a policy earlier can save you money in the long run. Additionally, purchasing long term care insurance when you are younger increases the likelihood that you will be eligible for coverage, as insurers often have stricter underwriting criteria for older individuals or those with pre-existing conditions.
It is generally recommended to consider long term care insurance in your 50s or early 60s. At this age, you are likely still in good health and have a longer time horizon to save for and benefit from the coverage. Waiting too long to purchase long term care insurance can result in higher premiums or even being denied coverage if your health deteriorates.
However, it's important to note that the best time to buy long term care insurance ultimately depends on your individual circumstances and financial situation. It's advisable to consult with a qualified insurance specialist who can assess your specific needs and provide personalized recommendations.