As retirement approaches, it becomes crucial to consider comprehensive financial planning, including the often overlooked aspect of long-term care costs. With nearly 70% of individuals aged 65 and older expected to require some form of long-term care services in their remaining years, long-term care insurance can play a significant role in alleviating the financial burden associated with these expenses.

While Medicare provides coverage for many medical needs, it does not include long-term care services such as nursing homes, assisted living facilities, occupational therapists, or in-home caretakers. The costs for these services can be exorbitant, with a year in a nursing home potentially exceeding $100,000, depending on the location.

To prepare for these expenses, purchasing long-term care insurance is a viable option. However, the question arises as to when individuals should start seeking a policy. Experts suggest that the ideal window for purchasing long-term care insurance is between the ages of 55 and 65.

Jeff Beligotti, vice president and head of long-term care solutions at New York Life, emphasizes that, similar to life insurance, long-term care insurance is cheaper the younger and healthier an individual is. Waiting until one's 60s or 70s to purchase a policy not only increases costs but also decreases the likelihood of passing underwriting.

Several factors should be considered when determining if purchasing a policy in one's 50s is the right choice. Firstly, premium costs increase as individuals age, as younger individuals are less likely to need immediate long-term care services. For example, a 55-year-old man can expect to pay an average premium of $950 for a policy with $165,000 in benefits. By waiting until 60, the cost rises to $1,175, and at 65, it reaches $1,700. Similar cost increases apply to women and married couples seeking combined policies. Therefore, purchasing long-term care insurance in one's 50s is more cost-effective.

Health also plays a significant role in the eligibility and affordability of long-term care insurance. As individuals grow older, the likelihood of encountering health issues increases, potentially leading to coverage denial or high premiums. Buying a policy in one's 50s, while still relatively healthy, provides the best chance of obtaining good coverage at a reasonable price.

Another advantage of purchasing long-term care insurance in one's 50s is the ability to plan for the future. Whether individuals prefer moving into a nursing home or staying in their own homes, having insurance allows them to determine the services they might need and how they fit into their budget. Early planning offers peace of mind and ample time to make informed decisions regarding aging and long-term care.

While it may seem premature to think about potential health issues during retirement, buying long-term care insurance before retirement offers several advantages. Firstly, individuals are more likely to qualify for coverage when they are in good health, decreasing the chances of being denied coverage due to health issues. Additionally, purchasing insurance before retirement ensures lower premiums, as rates increase with age. This financial safety net protects retirement funds from quickly depleting due to long-term care expenses and relieves loved ones of the financial responsibility associated with care. Furthermore, some policies offer potential tax advantages, making it beneficial to consult with a tax professional.

By taking proactive steps to secure long-term care insurance before retirement, individuals can safeguard their future well-being, protect their retirement assets, and maintain independence and control over their healthcare decisions.